Brazilian stocks retreated slightly today, as investors locked in gains.

Brazilian stocks were down 3.3 percent yesterday, while Mexico fell 4 percent.

IT may appear to many investors that the sharp rebound in Brazilian stocks and bonds has passed them by.

The leading index of Brazilian stocks was off by 4.06 percent.

Such considerations made Brazilian stocks one of the best buys of the first half of 1997.

While Brazilian stocks climbed slightly today, the Bovespa index is down 31 percent so far this year.

Record gains by Brazilian stocks accelerated today, the third consecutive day of a rally that has driven up the market 45 percent.

But many Brazilian stocks have held their international value, as some investors bet those companies will prosper when things calm down.

Brazilian stocks plummeted more than 10 percent, continuing a selloff in which the country's market has lost most of its gains for the year.

Brazilian stocks rose in trading today, with the benchmark index up 3.1 percent.