According to Credit Suisse, it has to do with low foreign investments in equities in 2012.

In their latest Brazil outlook report, the Swiss bank said it expects the inflow of foreign investments in Brazilian equities to fall from US$37.7 billion in 2010 to US$8.6 billion in 2011 and US$4.9 billion in 2012 owing mainly to the “adverse external scenario”.

And then consider this: foreigners are responsible for about 50% of Bovespa’s accounts and 70% of IPOs…

Source: Credit Suisse
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