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Brazil stocks were lower on Friday, with the Bovespa index reaching its lowest level in the last seven trading sessions. By 2:10 p.m in Sao Paolo (4:10 GMT), the index was down 6.25 percent, to 31.317,59 points.
Investors' confidence fell amid concerns that a global economic slowdown will reduce demand for commodities. Another contributing factor was that that Banco do Brasil SA might have overpaid for Banco Nossa Caixa SA to reclaim its position as Brazil's biggest bank.
Petroeo Brasileiro SA (NYSE : PZE) (SA : PETR3) was down 8.86 percent, to 16.86 real. Cia. Vale do Rio Doce (NYSE:RIO) (SAO:VALE5) slipped 8.56 per cent, to 22.86 real. Banco do Brasil (SAO : BBAS3) was down 9.91 percent, to 12.0 real.
The dollar was up 1.21 percent, being bought at 2.43 real and sold at 2.432 real.
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