EMERGING MARKETS-Brazil stocks extend rally as U.S. markets rise
* Petrobras, OGX, Vale lead gains * Bovespa due to break 6-month losing streak * Brazil Bovespa up 1.18 pct, Mexico IPC gains 0.26 pct By Lucas Iberico-Lozada SAO PAULO, July 22 (Reuters) - Brazilian stocks extended a recent rally on Monday, led by oil producers and commodities exporters as the benchmark Bovespa index continued to track world markets higher. Mexico's IPC index edged higher, while Chile's bourse was little changed. Last week, Brazil's Bovespa index saw its strongest weekly gain in 10 months as encouraging corporate earnings in the United States led the S&P 500 and the Dow Jones Industrial Average to record highs. The Bovespa jumped 1.25 percent to 48,002.88 on Monday as investors continued to look toward a potential improvement in the outlook for Brazilian equities. "The market is experiencing a slight recovery," said Pedro Galdi, an analyst with SLW Corretora in Sao Paulo. "Our stock market is among the weakest in the world, so a small recovery can come about in the absence of bad news. Brazil continues to see some very weak economic indicators, but it's growing for now." Shares of state-run oil company Petroleo Brasileiro SA , known as Petrobras, were poised to break technical resistance at 16.10 reais per share as prices jumped 1.4 percent, erasing Friday's losses. Iron-ore producer Vale SA saw gains of 0.9 percent as shares of the world's biggest miner looked on track to post their biggest monthly gain since Dec. 2012. Preferred shares of Brazilian lender Banco Bradesco SA rose 1.5 percent after the company announced weaker than expected second-quarter earnings and cut projections for lending and interest income growth for this year. Mexico's IPC index rose 0.26 percent to just under 40,000 points, a level that provided technical support earlier this month. Mining firm Grupo Mexico rose 1.6 percent, while lender Grupo Financiero Banorte added 0.7 percent. Chile's IPSA index traded mostly flat, as a 1 percent gain in regional air carrier Latam Airlines Group helped offset a 3 percent fall in shares of miner and steel producer CAP SA. Latin America's key stock indexes at 1522 GMT: Stock indexes daily % YTD % Latest change change MSCI LatAm 3,196.01 0.59 -16.34 Brazil Bovespa 47,959.39 1.18 -21.32 Mexico IPC 39,995.08 0.26 -8.49 Chile IPSA 3,849.71 -0.07 -10.50 Chile IGPA 19,106.11 -0.05 -9.32 Argentina MerVal 3,447.81 1.1 20.79 Colombia IGBC 13,434.23 -0.35 -8.71 Peru IGRA 15,567.97 0.97 -24.53 Venezuela IBC 1,249,789. 0 165.10 00
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