EMERGING MARKETS-Latam stocks mostly lower as Brazil corporate earnings eyed

Fri May 10, 2013 12:20pm EDT

Related Topics

* Oil producer OGX, homebuilder PDG report weak Q1 results
    * Brazil Bovespa falls 0.74 pct, Mexico IPC near flat

    By Asher Levine and Danielle Assalve
    SAO PAULO, May 10 (Reuters) - Latin American stocks were
mostly lower on Friday as Brazil's benchmark Bovespa index fell
following a mixed bag of corporate earnings reports.
    Chile's bourse dropped by the most in four sessions,
while Mexico's IPC index was little changed.
    Brazil's Bovespa traded lower for the third straight
session, losing 0.74 percent to 55,039.48. The index is on track
to post a 0.86 percent weekly loss, which would mark its first
weekly loss in three weeks.
    "The outlook for this market is still very uncertain ... the
recent results have not made things much clearer," said Debora
Morsch, a partner with Zenith Asset Management in Porto Alegre.
    
    Highlights from Friday's session:
    Shares of heavily-weighted OGX Petroleo e Gas Participacoes
SA, the oil company controlled by Brazilian
billionaire Eike Batista, slipped 2.4 percent after the company
said its quarterly net loss nearly tripled from the last three
months of 2012. 
    Shares of homebuilder PDG Realty SA rose 1.36
percent after the company posted a worse-than-expected first
quarter loss on Friday, with analysts citing signs of progress
in the firm's turnaround strategy. 
    Profit at BM&FBovespa SA, the country's sole
listed bourse, rose 22.9 percent in the quarter, though shares
were little changed. The company said on Friday that Marcelo
Maziero, senior vice president for product development, quit the
company citing "personal reasons." 
    Net income at clearinghouse Cetip SA Mercados Organizados
 rose 3.5 percent thanks to a surprising increase in
revenue at its financing unit and stable expenses, sending
shares 2 percent higher. 
    In Mexico, the IPC index eked out a slight gain,
rising 0.09 percent following two straight days of losses.
    Cement manufacturer Cemex rose nearly 3 percent,
contributing most to the index's gains, while telecommunications
firm America Movil, controlled by billionaire Carlos
Slim, fell 0.5 percent.
    Chile's IPSA index fell for the second straight
session, losing 0.21 percent to 4,340.30 as shares of
conglomerate AntarChile slipped 3 percent.
        
    Latin America's key stock indexes at 1437 GMT:
    
 Stock indexes                              Daily   YTD pct
                                Latest        pct    change
                                           change  
 MSCI LatAm                    3,736.27     -1.29     -0.33
                                                   
 Brazil Bovespa               55,039.48     -0.74     -9.70
                                                   
 Mexico IPC                   41,720.72      0.09     -4.54
                                                   
 Chile IPSA                    4,340.30     -0.21      0.90
                                                   
 Chile IGPA                   21,248.41     -0.18      0.85
                                                   
 Argentina MerVal              3,731.49      -3.4     30.73
                                                   
 Colombia IGBC                13,183.28     -1.05    -10.41
                                                   
 Peru IGRA                    17,787.12     -0.14    -13.78
                                                   
 Venezuela IBC               689,058.94      0.65     46.16
FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.