EMERGING MARKETS-Latam stocks fall broadly; Mexico's IPC hits 2013 low
* Mexico's IPC hits year's low * Investors continue to voice America Movil concerns * Brazil Bovespa falls 0.14 pct, Chile IPSA down 0.63 pct By Lorena Segura and Danielle Assalve MEXICO CITY/SAO PAULO Feb 25 (Reuters) - Mexican stocks slumped to their lowest level of the year on Monday as telecoms giant America Movil's share price decline weighed on the IPC stock index. Brazil's benchmark Bovespa stock index closed 0.14 percent lower at 56,617.56 after hovering near Friday's closing level for most of the session, while Chile's IPSA ended the day down 0.63 point at 4,516.04. Mexico's IPC index, which added nearly 18 percent last year, closed at its worst level since late December, ending the day down 0.86 percent at 43,497.20. Shares in America Movil drove losses as investors continued to voice concern about the company's results, its foreign investments, and the impact of a pending telecoms reform in Mexico that could threaten the company's dominant market position. The company's shares lost 2.29 percent, trading at 13.63 pesos, their lowest level since August 2011. However, Mexico's homebuilder sector appeared to recover after Fitch ratings agency downgraded the principal companies in the sector last week. Fitch put Geo, Urbi and Homex on a negative ratings watch, citing cash flow problems, lack of government support for the sector and a decline in investor confidence. Shares of Urbi closed up nearly 8 percent, while Geo shares were up nearly 1.5 percent. Homex shares closed up 9.16 percent. "After such a sizeable fall the homebuilders are improving but it's a brave soul who puts his money there," said Jorge Nevid, head trader at Mexico City's Accival brokerage, part of Citigroup unit Banamex. In Brazil, OGX Petroleo e Gas Participacoes SA, the oil company controlled by Brazilian billionaire Eike Batista, fell 8.91 percent, driving losses. Shares of phone company Telefonica Brasil SA rose 3.26 percent after the company said fourth-quarter net income edged up 1 percent from a year earlier to 1.474 billion reais ($748 million), exceeding the average forecast of 1.1 billion reais from a Reuters poll of analysts. Latin America's key stock indexes at 2145 GMT: Stock indexes % change Latest MSCI LatAm 3,799.01 -0.27 Brazil Bovespa 56,617.56 -0.14 Mexico IPC 43,497.20 -0.86 Chile IPSA 4,516.04 -0.63 Chile IGPA 22,043.76 -0.48 Argentina MerVal 3,124.64 -0.5 Colombia IGBC 14,828.50 -0.21 Peru IGRA 20,562.50 -0.34 Venezuela IBC 622,734.56 0.63
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