EMERGING MARKETS-Vale, OGX help Brazil's stock index rebound from sell-off
* Brazil's Bovespa rises for first session in five * MPX Energia jumps after Batista steps down as chairman * Bovespa rises 2.1 pct, Mexico IPC up 0.77 pct By Asher Levine SAO PAULO, July 4 (Reuters) - Brazilian stocks rose for the first session in five on Thursday as bargain-hunters picked up shares of commodities producers OGX and Vale to take advantage of recent losses. Mexico's IPC index rose slightly, while Chile's bourse capped a three-day decline. Traders said a market holiday in the United States kept volumes low. Brazil's benchmark Bovespa stock index partially rebounded from a four-day, 5.4 percent slide, rising 2.1 percent. The index had closed at its lowest level in over four years on Wednesday. "It's a day where we're seeing a technical recovery, a one-off thing. If you look at the outlook for the market, not much has changed," said William Castro Alves, an analyst with XP Investimentos in Rio de Janeiro. Shares of OGX Petroleo e Gas Participacoes SA, the oil company controlled by Brazilian billionaire Eike Batista, jumped 20 percent after reporting an increase in oil output in June from May. The shares had fallen 58 percent over the previous five sessions after the company said it was pulling out of some offshore oil blocks. Shares of power generator MPX Energia SA, also part of Batista's Grupo EBX conglomerate, jumped nearly 13 percent after the company said Batista was stepping down as chairman and it would sell 800 million reais of stock rather than hold a planned share offering. Shares of mining firm Vale SA notched their biggest gain in three weeks, rising 3.3 percent and nearly making up for the previous two sessions' losses the day after the firm received environmental approval to build a $19.5 billion expansion to its giant Carajas mine in the Amazon. Morgan Stanley & Co analysts led by Yang Bai raised their recommendation on Brazilian equities to "equal weight" from "underweight" on Thursday, saying that a recent rout in the market was overdone. Mexico's IPC index gained 0.77 percent, but found technical resistance near its 60-day simple moving average for the fourth straight session. Telecommunications firm America Movil, controlled by billionaire Carlos Slim, rose 0.7 percent, while lender Grupo Financiero Banorte added 1.5 percent. Chile's IPSA index rose for the first session in four, adding 0.57 percent as shares of lender Banco Santander Chile rose 1.5 percent. Latin America's key stock indexes at 1528 GMT: Stock indexes daily % YTD % Latest change change MSCI LatAm 3,110.74 1.27 -19.12 Brazil Bovespa 45,988.18 2.1 -24.55 Mexico IPC 41,142.84 0.77 -5.86 Chile IPSA 3,869.67 0.57 -10.04 Chile IGPA 19,187.43 0.47 -8.94 Argentina MerVal 3,081.32 1.92 7.95 Colombia IGBC 12,688.43 0.12 -13.78 Peru IGRA 15,456.25 0.04 -25.08 Venezuela IBC 0.00 0 -100.00
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