The Ibovespa closed flat at 185,188 on Thursday, ending an 11-session winning streak. The index had climbed nearly 2% at the open before investors took profits. The rally had been supported by recent election polls showing President Lula narrowing his lead over Flavio Bolsonaro, who is viewed by markets as more fiscally restrictive amid elevated yields and weak business activity. A Datafolha poll was due later Thursday. Meanwhile, although the latest economic activity data pointed to a second consecutive contraction in private-sector activity, the downturn was less severe than in the previous month. Services activity rebounded slightly as demand conditions showed signs of stabilisation. Major banks helped offset losses, with Itau up 1.2%, Santander gaining 1.7%, and Banco do Brasil adding 0.8%. Embraer rose 1.5% after announcing a cybersecurity business combination with SPX Capital. CSN surged 6.7% after announcing a change of CEO. Vale fell 2.9% and Petrobras declined 1.3%.