EMERGING MARKETS-Latam stocks rally ahead of earnings reports

Mon Jul 22, 2013 5:41pm EDT

* Oi, Petrobras, Vale lead Brazil shares' gains
    * Bovespa due to break six-month losing streak
    * Brazil's Bovespa up 2.48 pct, Mexico's IPC gains 0.57 pct


    MEXICO CITY, July 22 (Reuters) - Latin American stocks
gained on Monday as investors anticipated the release of
second-quarter corporate earnings reports, with key bourses
advancing their recent rally.
    Brazil's benchmark Bovespa index jumped as commodity
stocks performed well, while Mexico's IPC index and
Chile's bourse also edged higher.
    * The Bovespa gained 2.48 percent to close at 48,574.09
points. Shares in telecommunications company Oi rose
15.62 percent, leading gains. 
    * Investors snatched up cheap Brazilian stocks, some valued
at lows not seen since 2008, at the beginning of earnings
season. 
    * Commodity stocks also boosted the index, with state-run
oil giant Petrobras gaining 2.64 percent, iron ore
producer Vale rising 1.86 percent, and embattled oil
company OGX Petroleo climbing 6 percent.
    * Brazil stocks are on track to gain more than 2 percent
this month after falling to a more than four-year low in early
July. It would be the index's first monthly gain since December
2012.
    * Mexican stocks rose 0.57 percent to close at 40,117.67
points, buoyed by investor confidence days before many major
Mexican companies are set to release second quarter earnings.
    * Telecommunications giant America Movil,
controlled by billionaire Carlos Slim, rose 1.38 percent,
leading gains. America Movil's report is due out on Thursday.
    * Chile's IPSA index posted modest gains, rising 0.19
percent to close at 3,859.92 points, buoyed by a 1.33 percent
rise in shares of energy and forestry conglomerate Empresas
Copec.
    
    Latin America's key stock indexes at 2046 GMT:
    
 Stock indexes                                Daily   YTD pct
                               Latest           pct    change
                                             change  
 MSCI Latam                       3,213.32     1.13    -15.39
                                                     
 Brazil Bovespa                  48,574.09     2.48    -20.31
                                                     
 Mexico IPC                      40,117.67     0.57     -8.21
                                                     
 Chile IPSA                       3,859.92     0.19    -10.26
                                                     
 Chile IGPA                      19,141.03     0.13     -9.16
                                                     
 Argentina MerVal                 3,450.45     1.18     20.89
                                                     
 Colombia IGBC                   13,333.48    -1.10     -9.39
                                                     
 Peru IGRA                       15,524.31     0.69    -24.75
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