Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Braskem Declines as Brazil Halts Import Tax: Sao Paulo Mover

Aug. 1 (Bloomberg) -- Braskem SA, Latin America’s largest petrochemicals maker, slumped the most in three weeks after the Brazilian government allowed the expiration of an import tax that has helped to protect the domestic resin market.

Shares of the Sao Paulo-based company fell 2 percent to 17.22 reais at the close of trading in Sao Paulo, the biggest drop since July 8. The Ibovespa stock benchmark added 1.9 percent.

The government will cut import tariffs on basic materials from steel to textiles to improve competitiveness and help ease inflation, Finance Minister Guido Mantega told reporters today in Brasilia. Brazil’s consumer prices rose 6.7 percent in June, exceeding the 6.5 percent upper limit of the central bank’s inflation target.

The measure “will mean Braskem will face more competition in the domestic market, with negative effects on the company’s sales and prices” Felipe Rocha, an analyst at brokerage Omar Camargo, said by phone from Sao Paulo.

Braskem has gained 35 percent this year, as the Ibovespa slumped 19 percent.

To contact the reporter on this story: Denyse Godoy in Sao Paulo at

To contact the editor responsible for this story: Brendan Walsh at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.