EMERGING MARKETS-Brazil stocks slip as OGX fall offsets gain in Itau
* Brazil Bovespa falls 0.97 percent, Mexico IPC up 0.39 percent SAO PAULO, Oct 29 (Reuters) - Brazilian stocks fell for the fourth session in five on Tuesday as shares of oil company OGX plunged on investor concerns over a possible bankruptcy filing, offsetting a jump in shares of lender Itau Unibanco. Mexico's IPC index rallied for a third straight session, while Chile's bourse fell slightly. Brazil's benchmark Bovespa stock index fell 0.97 percent a day after rising the most in nearly two weeks. Still, the index may finish October with its best monthly performance of the year. Shares of troubled Brazilian oil producer OGX Petróleo e Gas Participações SA tumbled 20.69 percent, contributing the most to the index's decline, after the company said talks with holders of $3.6 billion in its bonds ended without agreement. The company is preparing to file for bankruptcy protection, sources have told Reuters. Shares of state-run rival Petroleo Brasileiro SA, known as Petrobras, also fell, shedding 0.96 percent. Analysts said the drop was driven mostly by profit-taking a day after the stock jumped the most in seven and a half months, fueled by news that the company would re-examine its pricing policy. Shares of Itaú Unibanco Holding SA, Brazil's largest bank by market value, jumped 3.65 percent, reaching their highest level in at least two years, after the company reported much higher-than-expected earnings for the third quarter. Mexico's IPC index touched its highest level in over three weeks, adding 0.39 percent to 41,284.38 points. Shares of retailer and bottler Femsa rose 1.48 percent, contributing the most to the index's gains, while telecommunications firm America Movil, controlled by billionaire Carlos Slim, rose 0.87 percent. Chemical maker Mexichem dropped 1.29 percent after the company reported a quarterly loss on Monday. Chile's IPSA index edged 0.35 percent lower despite a 1.24 percent rise in retailer Falabella.
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