EMERGING MARKETS-Miners weigh on Mexico stocks, OGX hits Bovespa

Thu May 16, 2013 6:27pm EDT

Related Topics

* Penoles, Grupo Mexico drive IPC losses
    * OGX lifts Brazil's Bovespa
    * Brazil Bovespa falls 0.3 pct, Mexico IPC down 0.34 pct

    By Asher Levine
    SAO PAULO, May 16 (Reuters) - Latin American stocks fell on
Thursday as miners weighed down Mexico's IPC and troubled oil
producer OGX dragged Brazil's Bovespa into the red after rising
in the last two sessions.
    Brazil's benchmark Bovespa stock index lost 0.3
percent to 54,772.62 after the first-quarter earnings reporting
season came to a close late on Wednesday.
    Analysts said the index should remain volatile ahead of the
expiration of options on shares, scheduled for Monday.
    Troubled oil company OGX, owned by Brazilian
billionaire Eike Batista, lost 4.79 percent, dragging the index
    The company said on Thursday it sold 50 percent of four
Brazilian on-shore oil and natural gas exploration blocks to MPX
Energia SA, its sister electrical-power company in Batista's EBX
    The shares of state-led electric utility Centrais El├ętricas
Brasileiras SA, known as Eletrobras, spiked more than
13 percent after the company reported a narrowed net loss of 36
million reais ($17.8 million) in the first quarter, compared
with a 10.5 billion real loss in the fourth quarter.
    Rival Cia Energ├ętica de Minas Gerais SA, known as
Cemig, rose 0.94 percent after first quarter profit beat
    Brazil's Bovespa is on track in May to post its fifth
straight monthly loss as concerns over economic growth,
regulatory risk and weak corporate earnings sap confidence.
    "Earnings have been the big driver recently, but we are now
past that, so people are going to be more focused on
macroeconomic data," said Larissa Gatti, an economist with
Corretora Souza Barros in Sao Paulo. 
    "There is a crisis of confidence in the government ...
nothing has happened to give more certainty to investors."
    Mexico's IPC index fell for the second straight
session, losing 0.34 percent to 41,761.11.
    Miners drove losses with Industrias Penoles 
tumbling 4.8 percent and shares of competitor Grupo Mexico
, Mexico's biggest domestic miner, falling 1.22
    Chile's IPSA index posted its second consecutive
loss, dropping 0.59 percent to 4,261.20 points. The shares of
retailer Falabella gained for the second straight
session, rising 2.43 percent and contributing most to the IPSA's
gains. The company reported a jump in first quarter profit 
after the market close on Tuesday. 
    Latin America's key stock indexes at 2138 GMT:
 Stock indexes                              % change
 MSCI LatAm                  3,700.92          -0.38
 Brazil Bovespa             54,772.62           -0.3
 Mexico IPC                 41,761.11          -0.34
 Chile IPSA                  4,261.20          -0.59
 Chile IGPA                 20,930.74          -0.41
 Argentina MerVal            3,706.71          -0.38
 Colombia IGBC              13,325.75           0.45
 Peru IGRA                  16,416.57          -4.16
 Venezuela IBC             759,840.38           2.84
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