* Petrobras Q3 results well below expectations * Bovespa gives up gains for the year * Brazil's Bovespa falls 0.92 pct, Mexico's IPC down 0.18 pct By Asher Levine SAO PAULO, Oct 29 Latin American stocks fell on Monday as shares of regional oil giant Petrobras weighed on Brazil's Bovespa following weaker third-quarter results than had been expected. The MSCI Latin American stock index fell for the second straight session, losing 0.88 percent to 3,646.48 and crossing below its 75-day simple moving average, a level that has provided support since early September. Trading volumes were low, with stock markets in New York closed due to an approaching hurricane. Brazil's benchmark Bovespa stock index dropped 0.92 percent to 56,751.89 points, erasing its gains for the year and falling to its lowest level in nearly eight weeks. Petrobras preferred shares slid 3.21 percent to 21.39 reais after the state-controlled oil company reported lower-than-expected third-quarter income late on Friday. Petrobras said its quarterly profit fell as refining unit losses rose, an unexpected result after being granted its first wholesale fuel-price increase in six years in June. "I don't see a very positive situation for Petrobras," said Deborah Morsch, a partner with Zenith Asset Management in Porto Alegre, Brazil. "The shares will continue to be pressured due to the increase in production costs and investments." Shares of Gol Linhas Aéreas, Brazil's second-largest airline, slipped 0.4 percent after a local newspaper reported on Monday that the company plans to continue reducing domestic flights into 2013 and focus on expanding international flights, especially to the United States. Fibria, the world's largest producer of eucalyptus pulp, gained 1 percent after the company on Monday reported earnings before interest, taxes, depreciation and amortization, a gauge of operating profit known as EBITDA, rose 20 percent from a year earlier. Brazil's Bovespa fell in seven of the previous eight sessions as weaker-than-expected corporate earnings both domestically and abroad dampened investor optimism over a global economic recovery. "The market could fall more. Results for the fourth quarter could be weak because many people are making year-end purchases earlier due to government tax incentives," Morsch said, adding that she sees the Bovespa dipping below 55,000 points by the end of the year. Mexico's IPC index fell for the third straight session, dipping 0.18 percent to 41,759.66. Shares of telecommunications firm America Movil, controlled by billionaire Carlos Slim, lost 0.36 percent, contributing most to the index's loss, while mining firm Grupo Mexico fell 0.6 percent. Chile's IPSA index traded nearly flat, with gains by industrial conglomerate Copec offsetting losses by Banco de Chile. Latin America's key stock indexes at 1331 GMT: Stock indexes Latest Daily pct YTD pct change change MSCI Latam 3,646.48 -0.88 2.12 Brazil Bovespa 56,751.89 -0.92 0.00 Mexico IPC 41,759.66 -0.18 12.63 Chile IPSA 4,248.23 -0.05 1.69 Chile IGPA 20,833.15 -0.01 3.49 Argentina MerVal 0.00 0 -100.00 Colombia IGBC 15,153.21 0.07 19.64 Peru IGRA 21,010.51 0.2 7.89 Venezuela IBC 359,892.72 0 207.51
UPDATE 1-China April industrial profits up 14 pct but slowing pace stokes economy worries
* Jan-April profits up 24.4 pct YOY; Jan-March up 28.3 pct (Adds details of data, comments from stats bureau)
China April industrial profits +14.0 pct y/y - stats bureau
BEIJING, May 27 Profits earned by China’s industrial firms in April rose 14.0 percent from a year earlier, the statistics bureau said on Saturday, slowing from the pace in March.