EMERGING MARKETS-Mexico stocks near 8-month low as Brazil leaps

Tue May 21, 2013 5:37pm EDT

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MEXICO CITY, May 21 (Reuters) - Mexican stocks slumped on
Tuesday to a nearly eight-month low, while Brazilian stocks
 rose for the third successive session to hit a key
resistance level.
    Mexican stocks have slumped 12 percent from a record high
hit in January, hurt recently after weak first-quarter growth
dampened the economic outlook for 2013. Brazil, meanwhile, has
rebounded more than 6 percent from a 9-month low in late April.
    Latin American stocks could get a lift in the coming session
if testimony from U.S. Federal Reserve Chairman Ben Bernanke
dispels concerns that the Fed could start tapering its
bond-buying program, which has supported demand for riskier
assets. 
    However, they could slump if he suggests the Fed is getting
closer to ratcheting down its monetary stimulus. 
    * Mexico's IPC stock index sold off for a second
consecutive session, sinking 1.29 percent to 40,548.44, its
lowest level since September last year.
    * Weighing on the Mexican index were shares of bottling and
retail company Femsa, which fell 3.44 percent, and
telecom giant America Movil. 
    * Brazil's Bovespa index jumped 1.01 percent to
56,265.32 points as iron ore miner Vale rose just
over 1 percent.
    * Since late March, the Bovespa index has failed three times
to break decisively past 56,300 amid concerns about sluggish
growth, rising inflation and an expected round of interest rate
hikes. 
    * Plane builder Embraer's shares jumped 2.06
percent after it announced a deal to sell at least 40 new jets
to SkyWest Inc, the world's largest regional airline
group. 

    Latin America's key stock indexes at 20:46 GMT:
    
 Stock indexes                            daily %  year-to-da
                       Latest              change        te %
                                                       change
 MSCI LatAm                  3,705.80        -0.1       -2.33
                                                   
 Brazil Bovespa             56,265.32        1.01       -7.69
                                                   
 Mexico IPC                 40,548.44       -1.29       -7.22
                                                   
 Chile IPSA                  4,233.14       -0.61       -1.59
                                                   
 Chile IGPA                 20,823.18       -0.44       -1.17
                                                   
 Argentina MerVal            3,637.76          -1       27.45
                                                   
 Colombia IGBC              13,300.72        0.17        5.01
                                                   
 Peru IGRA                  16,745.83         0.4      -18.83
                                                   
 Venezuela IBC             770,261.44       -0.96       63.39
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A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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