The rally that made Brazilian stocks the world’s best performers this month was fueled by international investors, who bought 5.9 billion reais ($1.6 billion) in shares since the end of February through March 11, according to the latest data from BM&FBovespa. Meanwhile, local investors sold shares. The Ibovespa equity benchmark climbed 27 percent in dollar terms during that span as traders bet on a change in government after months of political gridlock that’s prevented lawmakers from focusing on kick-starting a slumping economy.

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