EMERGING MARKETS-Latam stocks mixed; Brazil down as investors pocket gains

Mon Aug 26, 2013 12:19pm EDT

Related Topics

* Bovespa retreats from 2-month high set in previous session
    * Shares of America Movil up 2 pct on Telefonica-KPN deal
    * Brazil's Bovespa down 0.15 pct, Mexico's IPC down 0.02 pct

    By Lucas Iberico-Lozada
    SAO PAULO, Aug 26 (Reuters) - Brazilian stocks dipped on
Monday as investors sought to lock in gains after the previous
session left the benchmark Bovespa index at a two-month high.
    Mexico's IPC index was nearly flat, while Chile's
bourse posted its second consecutive session of gains.
    "The (Bovespa) is responding to Friday's high," said Fabio
Goncalves, an analyst at Banrisul Corretora in Porto Alegre.
"But we're also seeing some tentativeness from investors ahead
of some key domestic indicators this week."
    Brazil's Bovespa stock index fell 0.15 percent to
52,118.52 points.
    Shares of Petroleo Brasileiro SA, known as
Petrobras, shed 0.7 percent, snapping a three-session streak of
gains. Petrobras shares have also posted three consecutive
weekly gains.
    MMX Mineracao e Metalicos SA, the mining firm
controlled by embattled tycoon Eike Batista, lost 4.3 percent.
    Brazilian lenders fell 0.56 percent. Banco do Brasil
 led the sector's losses with a drop of 1 percent.
    Shares of homebuilder Gafisa SA slid 3 percent
after Goldman Sachs Group Inc sold 12.47 million common
shares of the company, reducing its ownership stake to 3.2
percent. 
    Financial exchange company BM&F Bovespa SA fell
0.7 percent after analysts at Grupo BTG Pactual trimmed their
target on shares. 
    Losses were partially contained by gains for oil company OGX
Petroleo e Gas Participacoes SA and iron-ore mining
giant Vale SA.
    On Monday, China's state statistics bureau said that its
economy is on track to meet the government's 2013 growth target
of 7.5 percent. 
    China is Brazil's largest trading partner and a key buyer of
commodities such as petroleum and iron ore.
    Mexico's IPC index was near flat, as a 2 percent gain
for shares of telecommunications giant America Movil,
controlled by billionaire Carlos Slim, offset losses for retail
giant Wal-Mart de Mexico and bottler Femsa
.
    On Monday, Telefonica, America Movil's biggest
rival in Latin America, announced that it had increased its bid
for Dutch telecommunications firm KPN's German
subsidiary, E-Plus.
    America Movil, which owns nearly 30 percent of KPN,
announced on Monday that it supported Telefonica's new offer and
would continue with its plan to purchase the rest of KPN.
 
    Chile's IPSA index rose 0.58 percent to 3,681.51
points, continuing a slight recovery after setting an all-time
closing low of 3,616 points last Thursday.
    Shares of LATAM Airlines Group and retailer
Falabella led the index's rise, with gains of 1.6
percent and 0.3 percent, respectively.
    
    Latin America's key stock indexes at 1537 GMT:
 Stock indexes                  Latest       Daily pct  YTD pct
                                                change   change
 MSCI Latam                       3,124.91       -0.58   -17.24
                                                        
 Brazil Bovespa                  52,118.52       -0.15   -14.49
                                                        
 Mexico IPC                      40,917.45       -0.02    -6.38
                                                        
 Chile IPSA                       3,678.78        0.51   -14.47
                                                        
 Chile IGPA                      18,219.38         0.4   -13.53
                                                        
 Argentina MerVal                 3,909.49        0.16    36.97
                                                        
 Colombia IGBC                   13,634.41        0.06    -7.35
                                                        
 Peru IGRA                       16,847.50        0.49   -18.33
                                                        
 Venezuela IBC                1,322,190.35        0.92   180.46
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