EMERGING MARKETS-Latam stocks up on China data, Mexico fiscal reform

Mon Sep 9, 2013 7:42pm EDT

Related Topics

* China reports encouraging August trade data
    * Conservative fiscal reform lifts Mexico retailers
    * Bovespa up 0.93 pct, Mexico IPC adds 2.60 pct

    MEXICO CITY, Sept 9 (Reuters) - Latin American stocks rose
on Monday, boosted by strong trade data from China, while a
weaker-than-expected fiscal reform proposal lifted Mexican
retailers. 
    Mexico's IPC index added 2.6 percent, while Chile's
bourse rallied for a fourth straight day.
    Trade data released over the weekend showed China's overall
imports and exports in August were stronger than expected,
suggesting the world's top commodity buyer may have avoided a
sharp slowdown. 
    China is Brazil's biggest trading partner and a key
purchaser of Latin American exports such as iron-ore, soy,
copper and petroleum.
    Brazil's benchmark Bovespa stock index rose for the
fourth straight day, boosted by a 2.7 percent gain in shares of
iron-ore mining firm Vale SA, which counts China as
its biggest customer.
    Shares of OGX Petroleo e Gas Participacoes SA,
fell 17.31 percent after controlling shareholder Eike Batista on
Monday questioned the validity of the company's request that he
start contributing his own money to the debt-laden firm.
 
    Mexican President Enrique Pena Nieto proposed raising taxes
for higher earners on Sunday, putting a levy on stock market
gains and boosting social programs to help the poor. But he
avoided a divisive sales tax on food and medicine many saw as 
key to broadening Mexico's anemic tax take. 
    That buoyed Mexico's retailers. Wal-Mart de Mexico
, Mexico's biggest retailer, rose more than 5
percent, while Grupo Chedraui was up over 7
percent. Comercial Mexicana, known as Comerci,
jumped nearly 5 percent.
    Bread maker Grupo Bimbo gained 7.7 percent.  
    Chile's IPSA index gained 2.48 percent to 3,893.53,
its highest level since July 19, led higher by 2.72 percent gain
in shares of retailer Falabella. 
    
    Latin America's key stock indexes at 2231 GMT:
    
 Stock indexes                             daily %  year-to-da
                        Latest              change        te %
                                                        change
 MSCI LatAm                   3,280.51        2.91      -13.62
                                                    
 Brazil Bovespa              54,251.85        0.93      -10.99
                                                    
 Mexico IPC                  40,953.85         2.6       -6.30
                                                    
 Chile IPSA                   3,893.53        2.48       -9.48
                                                    
 Chile IGPA                  19,094.86        2.16       -9.38
                                                    
 Argentina MerVal             4,368.36        4.46       53.05
                                                    
 Colombia IGBC               13,892.48        0.93        9.69
                                                    
 Peru IGRA                   16,977.32        0.06      -17.70
                                                    
 Venezuela IBC            1,444,017.74        0.96      206.30
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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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