NEW YORK – Brazil’s winning bid to host the 2016 Olympic Games could attract an even larger number of foreigners to Brazilian stocks, which have already soared 62 percent since the beginning of the year.

News that Rio de Janeiro defeated Chicago, Madrid and Tokyo in a competition to host the games boosted shares of infrastructure and tourism-related companies on the Sao Paulo Stock Exchange on Friday.

Though Fund managers do not expect the benchmark Bovespa index to rally much further in the short term, they see the Olympic games keeping a positive bid in the market.

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ETF: iShares MSCI Brazil Index (EWZ)

 

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