EMERGING MARKETS-Brazil stocks bounce back from over 3-month low
* Bovespa climbs back above key support level * Eletrobras tumbles for second straight session * Brazil's Bovespa up 2.2 pct, Chile IPSA edges up 0.2 pct SAO PAULO, Nov 19 (Reuters) - Brazilian stocks rose on Monday, bouncing back from a more than three-month low after two weeks of steep losses. Brazil's Bovespa index rose 2.22 percent to 56,630 points as global markets rose following signs of progress in talks to resolve a U.S. fiscal crunch. The index climbed above key support at 56,200 that eroded last week after the gauge shed more than 5 percent since Nov. 4. Trading volume in Brazil has been thinner as many traders have been taking a long holiday since last Thursday. The market is closed Tuesday for a holiday. The Bovespa's top commodities producers fueled gains. Iron miner Vale rose 1.9 percent while state-run oil firm Petrobras added 2.89 percent. Shares in Eletrobras fell 9.22 percent, tumbling for a second straight session after the company said government plans to cut power rates would hit revenue. Economists trimmed their forecasts for Brazil's 2013 economic growth for the first time since August, down to 3.96 percent, a weekly central bank survey showed. Data last week showed weaker retail sales and the first drop in five months in overall activity in Latin America's biggest economy during September as the effect of recent government stimulus measures appeared to flag. Foreign investors pulled 714 million reais ($345 million) from stocks in Brazil this month, according to data through Nov. 14, the latest from exchange operator BM&FBovespa. Foreigners have pulled out 3.14 billion reais so far this year. Shares in Chile's IPSA index rose 0.1 percent as shares in SQM, the world's top lithium producer, rose more than 1 percent, while forestry and paper company CMPC shed 1.4 percent. Mexico's market was closed for a holiday. Latin American stock indexes at 1715 GMT Stock indexes daily % year-to Latest change date % change MSCI LatAm 3,557.31 1.57 -2.78 Brazil Bovespa 56,630.85 2.22 -0.22 Mexico IPC 40,830.60 0.63 10.12 Chile IPSA 4,189.24 0.1 0.28 Chile IGPA 20,578.55 0.19 2.23 Argentina MerVal 2,299.90 0.73 -6.61 Colombia IGBC 14,147.02 0.38 11.70 Peru IGRA 20,239.32 0.97 3.93 Venezuela IBC 383,949.38 0.14 228.06
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