Most Brazil Stocks Fall as Tax Concern Overshadows Retail Jump
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Most Brazilian stocks fell as speculation the government will expand a tax on foreign asset purchases overshadowed a jump in retail sales.
BM&FBovespa SA, the operator of the Sao Paulo exchange, dropped the most in three weeks after O Estado de S. Paulo newspaper reported that the Finance Ministry is considering raising the IOF tax further to stem currency gains. Cia. de Concessoes Rodoviarias, Brazil’s biggest toll-road operator, plunged the most in two years amid speculation a shareholder sold a 3 percent stake.