EMERGING MARKETS-Latam stocks up after slump on U.S. budget fears
MEXICO CITY, Oct 4 (Reuters) - Latin American stocks bounced higher on Friday after slumping during the week as a U.S. budget stalemate and government shutdown weighed down investor demand for riskier assets. The region's stocks could be facing more losses next week if worries deepen that feuding U.S. lawmakers might fail to raise the country's borrowing limit this month, which could trigger an unprecedented U.S. debt default. * Brazil's benchmark Bovespa stock index rose 0.68 percent as preferred shares of state oil firm Petrobras rose 0.7 percent. The index still finished the week down nearly 1.7 percent in the last five sessions, its worst week since the end of August. * Petrobras shares bounced back after a slump early in the session following an announcement from Moody's late Thursday that Petrobras' debt rating would be lowered because of concerns that fuel subsidies and huge investment commitments would cause the company's debt to grow until at least 2015. * OGX Petroleo e Gas Participacoes SA, the debt-laden oil company controlled by Brazilian entrepreneur Eike Batista, rose 4.55 percent after the company said late on Thursday that it was considering all measures to protect assets and stay in business. The stock hit an all-time low this week after losing about 99 percent of its value from a 2010 high. Analysts and sources have said the company is likely to run out of cash this month and is preparing to file for bankruptcy within the next 30 days. * Mexico's IPC index added 0.17 percent as the shares of bottler Femsa rose 1.87 percent. The IPC ended the week nearly flat. * The shares of retailer Wal-Mart de Mexico fell 0.87 percent after the company said after market close on Thursday that sales at its Mexican stores fell more than expected in September, when massive flooding hit much of the country. * Chile's IPSA index rose for the second straight session, adding 0.33 percent as industrial conglomerate Copec added 2.15 percent. Latin America's key stock indexes at 2300 GMT: Stock indexes daily % YTD % Latest change change MSCI LatAm 3,362.06 0.81 -11.47 Brazil Bovespa 52,848.97 0.68 -13.29 Mexico IPC 40,909.54 0.17 -6.40 Chile IPSA 3,839.24 0.33 -10.74 Chile IGPA 18,876.06 0.26 -10.41 Argentina MerVal 4,855.47 -0.22 70.11 Colombia IGBC 14,046.16 -0.10 -4.55 Peru IGRA 15,530.89 -0.75 -24.71 Venezuela IBC 1,747,754.98 0.04 270.73
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