BOGOTA, Colombia — Hugo Chavez spoke, and investors smelled sulfur.

Stocks fell sharply yesterday in his own country and across Latin America as markets absorbed the effects of the Venezuelan president's nationalization plans for three key industries. On Monday, Chavez announced his intent to take control of telecommunications and electricity as well as four major oil projects controlled by foreign companies.

The IBC index of the Caracas Stock Exchange plunged 18.7 percent yesterday. Trading of shares of the nation's largest telephone company, popularly known as CANTV, was suspended for two days after it lost 30 percent yesterday morning. EDC, the electric power company serving the capital city fell 20 percent.

The Caracas exchange, which soared 156 percent last year, had hit an all-time high Monday before Chavez's announcement.

Chavez will be sworn in today for another six-year term and is then expected to give the details of his proposals, which so far have been unspecific.

CANTV is 28.5 percent owned by Verizon Communications Inc. of New York, and EDC is 86 percent controlled by AES Corp. of Virginia.

Also in the dark about the Chavez plan are U.S.-based energy companies Chevron Corp., ExxonMobil Corp. and ConocoPhillips, which have invested billions of dollars in a massive oil field in eastern Venezuela. Venezuela accounts for about 2 percent of worldwide oil production for Chevron and 5 percent for ConocoPhillips.

"I don't see the nationalizations as much of a shock. Rather it's a continuation of direct government intervention in the economy that's been going on for the past six years," said Richard Francis, an analyst at Standard & Poor's in New York.

But Morgan Harting, a director at New York-based Fitch Ratings, saw reason for alarm in the long term: "We are worried about the rule of law and property rights" in Venezuela.

Markets also were jolted by Chavez's plan to end the autonomy of the central bank and ask congress give presidential decrees the force of law. With his 100 percent control of the Venezuelan National Assembly, there is little doubt Chavez will get those powers.