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Ibovespa, the benchmark stock market index in Brazil, closed up 1.57% at 74,594.61 points on Tuesday amid a better external scene and investors' view that president Michel Temer is closer to get the pension reform bill voted in the House of Representatives later this year.
"In the external scenario, it was a very positive day for risky assets. There was news that led to a positive expectation on the pension reform bill, which could be voted at the beginning of December, giving the market a boost," said Rafael Passos, an analyst at Guide Investimentos.
According to H. Commcor's chief operating officer, Ari Santos, the cabinet reform promoted by Temer leads the market to believe that he would have the political strength to pass the pension reform bill.
According to Santos, the expiry of stock options brought selling pressure at the end of the trading session.
For Wednesday, Passos sees Ibovespa keeping the upward trend, once the political scene continues to corroborate the purchase. Santos foresees space for profit-taking and expects a fall for Wednesday.
Meanwhile, the locally traded U.S. dollar closed down for the third consecutive trading session (-0.36%), at R$ 3.252, reflecting an increase in the expectation of the pension reform bill's approval and a quieter external scenario, with a drop in the greenback against emerging currencies.
