EMERGING MARKETS-Brazil stocks fall as Petrobras weighs
* Itau rises on better outlook for handling bad loans * Petrobras falls on debt, dividend cut, cost concerns * Brazil Bovespa down 0.22 pct, Mexico IPC down 0.18 pct By Danielle Assalve SAO PAULO, Feb 5 (Reuters) - Brazilian stocks closed slightly lower on Tuesday after state-oil giant Petrobras cut its common-share dividend following weak results. Mexico's IPC index fell for the third session in four, while Chile's bourse was up just under half a percent. Brazil's benchmark Bovespa stock index ended the day down 0.22 percent at 54,444.97 points. Petrobras' worst annual result in eight years prompted it to cut its common-share dividend on Tuesday as it seeks to preserve cash to maintain investments as fuel and refining losses mount. Common shares in the company fell 8.29 percent - their biggest daily drop since June of last year - to their lowest level since December 2005, while shares in competitor OGX dropped 6.22 percent, driving losses in the index. Preferred Petrobras shares rose, however, adding 0.44 percent. "This shows a inability to actually get the company to deliver and distribute dividend income", said analysts at XP Investimentos in a report. Tempering losses, shares of Itaú Unibanco Holding SA , Brazil's second-biggest lender, rose more than 2 percent after the company reported a fall in loan delinquencies on Tuesday and released a better-than-expected outlook for bad-loan provisions for 2013. Mexico's IPC index fell 0.18 percent to 45,688.12, as shares of telecommunications firm America Movil, controlled by billionaire Carlos Slim, dropped 1.98 percent. Chile's IPSA index was up 0.42 percent at 4,581.02 points, as a 1.74 percent loss by retailer Cencosud offset a 3.05 percent gain in rival Falabella. Latin America's key stock indexes at 2150 GMT: Stock indexes % change Latest MSCI LatAm 3,937.01 -0.03 Brazil Bovespa 59,444.97 -0.22 Mexico IPC 45,688.12 -0.18 Chile IPSA 4,581.02 0.42 Chile IGPA 22,277.48 0.39 Argentina MerVal 3,357.90 -2.06 Colombia IGBC 15,194.72 0.39 Peru IGRA 21,730.15 0.41 Venezuela IBC 541,758.75 9.64
- Protesters fell Lenin statue, tell Ukraine's president 'you're next'
- Four dead in apparent Connecticut murder-suicide
- South Korea expands air defense zone to partially overlap China's |
- Singer Susan Boyle reveals she has Asperger's syndrome: paper
- Dynasty's Congress party punished in Indian state elections