Equities: Downside Pressure Likely To Mount

The Venezuelan stock market has come under some corrective pressure in recent weeks, undoing much of the thrust seen in the immediate aftermath of the bolivar devaluation. The benchmark Índice Bursátil Caracas (IBC), which comprises 17 key stocks, has lost some 6.5% since touching a 3-year high at 60,582 on January 18. A breach of technical support around 56,000 would in our view set up a move back towards the 50,000 region in the first instance.

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