EMERGING MARKETS-Brazil stocks fall as OGX plummets

Mon Mar 11, 2013 12:50pm EDT

Related Topics

* OGX shares dive on weak Feb offshore production
    * Brazil Bovespa drops 0.86 pct, Mexico IPC falls 0.8 pct

    By Asher Levine
    SAO PAULO, March 11 (Reuters) - Brazilian stocks fell on
Monday, mostly driven by a plunge in OGX Petroleo e Gas
Participacoes SA shares after the oil company posted
disappointing February offshore production figures. 
    Mexico's IPC index dropped the most in over two
weeks, while Chile's bourse was little changed. Brazil's
benchmark Bovespa stock index slipped for the second
straight session, losing 0.86 percent to 57,931.53.
    OGX tumbled more than 17 percent to 2.57 reais
after the company controlled by billionaire Eike Batista said
earlier on Monday that output from its offshore oil wells fell
in February from January. 
    The weak production numbers renewed investor concerns over
the company's ability to meet output targets and drove the
stock's price as low as 2.49 reais - its lowest level ever - in
early trading.
    "Investors have lost confidence in Batista's projections and
every time OGX falls short it adds negative marks to his
record," said Luiz Roberto Monteiro, a trader with brokerage
Renascenca in Sao Paulo.
    Shares of drugmaker Hypermarcas SA were little
changed after Chief Executive Officer Claudio Bergamo on Monday
said 2013 sales were off to a weak start but reaffirmed his
outlook for operating profit this year. 
    Mexico's IPC index fell 0.8 percent to 43,968.93,
crossing below its 75-day simple moving average, a level that
has supported the index over the past eight sessions.
    Telecommunications firm America Movil, controlled
by billionaire Carlos Slim, fell 2.28 percent, contributing most
to the index's losses, while broadcaster Grupo Televisa
 slipped 1.8 percent.
    Chile's IPSA index was little changed at 4,529.23 as
a 0.5 percent gain by retailer Falabella offset a 1.2
percent drop in LATAM Airlines Group.

    Latin America's key stock indexes at 1630 GMT:
 Stock indexes                            daily %     YTD %
                                Latest     change    change
 MSCI LatAm                    3,900.03     -0.64      3.35
                                                   
 Brazil Bovespa               57,931.53     -0.86     -4.96
                                                   
 Mexico IPC                   43,968.93      -0.8      0.60
                                                   
 Chile IPSA                    4,529.23      0.01      5.30
                                                   
 Chile IGPA                   22,118.66     -0.02      4.98
                                                   
 Argentina MerVal              3,312.92     -0.36     16.07
                                                   
 Colombia IGBC                14,454.52     -0.22     -1.78
                                                   
 Peru IGRA                    20,431.00      0.23     -0.96
                                                   
 Venezuela IBC               620,947.38      0.51     31.71
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