EMERGING MARKETS-Mexico stocks dip, Peru hits 10-week low

Thu Nov 15, 2012 7:06pm EST

* Mexico's IPC slips 0.43 pct, Chile IPSA flat
    * Peru's Volcan tumbles after removed from MSCI index

    MEXICO CITY, Nov 15 (Reuters) - Stocks in Mexico fell on
Thursday after data showed Europe slipped into recession while
stocks in Peru fell to a 10-week low, driven by a slump in miner
Volcan after it was removed from a benchmark emerging market
index.
    Mexico's benchmark IPC stock index slipped 0.43
percent to 40,573.66 points, closing at its lowest level in
six-weeks. Brazil, the region's biggest market, was closed for a
holiday.
    Data showed the euro zone slipped into recession during the
third quarter, its second contraction since 2009. Meanwhile,
investors are nervous about a battle in the U.S. Congress over
impending tax and spending changes, known as the "fiscal cliff."
    "The market is being hit hard by the 'cliff' in the United
States along with the news that Europe is again in recession,"
said Juan Carlos Flores, a manager at brokerage Vector.
    Shares in Mexican miners fell, with Penoles 
down 3.15 percent and Grupo Mexico off 1.05
percent. The IPC is down about 2.5 percent this month as it
continues to slump off a record high hit last month.
    Peru's biggest miner Volcan tumbled 11.79
percent after it was removed from MSCI's emerging market index
and the stock's losses sent Peru's main index down 2.09 percent,
its lowest since Sept. 5.
    Chile's IPSA index was little changed as a 0.81
percent gain in industrial conglomerate Copec was
offset by a 2.19 percent loss in forestry and paper company CMPC
.
    
    Latin American stock indexes at 2300
    
 Stock indexes                      daily %  year-to
                         Latest      change   date %
                                              change
 MSCI LatAm               3,527.74    -0.06    -2.07
                                             
 Brazil Bovespa          56,279.36   Closed    -0.84
                                             
 Mexico IPC              40,677.48    -0.43     9.71
                                             
 Chile IPSA               4,187.09    -0.02     0.23
                                             
 Chile IGPA              20,538.85     0.02     2.03
                                             
 Argentina MerVal         2,322.27     0.06    -5.70
                                             
 Colombia IGBC           14,193.78     1.09    12.06
                                             
 Peru IGRA               20,093.83    -2.09     3.19
                                             
 Venezuela IBC          377,703.31      1.3   222.72
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