EMERGING MARKETS-Brazil stocks bounce back from over 3-month low

Mon Nov 19, 2012 12:39pm EST

* 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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