Ibovespa Falls as Stocks Seen Too Pricey Amid Gloomy GDP Outlook
- Companies that depend on domestic demand are worst performers
- Oil producer Petrobras advances on plan to sell stake in unit
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The Ibovespa equity index tumbled as investors backed off from stocks they deem too expensive after this year’s rally drove valuations to the highest in almost three months.
Lender Itau Unibanco Holding SA contributed the most to the Ibovespa’s drop on Monday, and an MSCI index of consumer stocks was the worst performer among 10 industry groups. Clothing retailer Lojas Renner SA dropped the most in three months ahead of its quarterly results, which were set to be announced after markets close.