SAO PAULO: Stocks fell in early trading on Sao Paulo's stock exchange Monday, dropping 0.71 percent by mid-morning on fears sparked by the financial crisis in Greece.

The main Ibovespa exchange initially slid 1.25 percent but climbed back to a 0.71 percent loss by around 1400 GMT.

The drop came amid anxiety in the international markets over the Greek crisis, amid the growing possibility of both a default and Athens' exit from the eurozone.

There were also jitters over the announcement by Brazilian scandal-hit oil giant Petrobras that it has slashed its five-year investment plan by 37 percent.

The Sao Paulo exchange closed on Friday at 54,016, up 1.58 percent.