* Electric utilities rebound as policymakers meet
* Brazil Bovespa gains 0.74 pct, Mexico IPC up 0.65 pct
By Danielle Assalve and Gabriel Stargardter
SAO PAULO/MEXICO CITY, Jan 9 Latin American
stocks rose on Wednesday, tracking global markets after early
earnings reports in the United States pointed to improving
global demand for commodities.
Alcoa, the largest aluminum producer in the United
States, opened earnings season with pleasing results, and
although investors remain wary before policy meetings of the
European and British central banks on Thursday, Alcoa's results
boosted global equities.
Brazil's Bovespa index ended the day up 0.74 percent
at 61,578.58 points, tracking leading U.S. indices. The Dow
Jones industrial average was up 0.46 percent, the
Standard & Poor's 500 Index gained 0.29 percent and the
Nasdaq Composite Index, was up 0.50 percent.
Retailers led Mexico's IPC index to a record high,
while Chile's bourse rose 0.49 percent.
Brazil's Bovespa is recovering from a recent tumble after a
hot, dry summer reduced water levels at hydroelectric dams,
sparking fears of an energy crisis that would dent the country's
fragile economic recovery.
The index has lost 3.5 percent since concerns first surfaced
last week, and although Wednesday's Bovespa rise eased fears
somewhat, investors still sounded a note of caution with
domestic results and continued doubts about U.S. debt
negotiations still outstanding.
"Investors are going to show a little caution when they
start to learn how Brazilian companies fared in the fourth
quarter and the question of the U.S. debt ceiling returns with
force," said Joao Luiz Piccioni, an analyst at Petra Asset in
An index of Brazilian electric utility shares
rebounded on Wednesday, rising 2.44 percent, after notching its
worst daily loss in nearly four months in the previous session
on concerns that low water levels in reservoirs could lead to
State-owned oil producer Petrobras rose 0.92
percent. The company is profiting from high demand for power
from its thermoelectric plants as water has disappeared from its
hydroelectric reservoirs, Chief Executive Maria das Graças
Foster said on Wednesday.
Preferred shares of iron-ore producer Vale rose
0.5 percent. China, Vale's best customer, reports trade data on
Mexico's IPC index rose for the fourth session in
five, gaining 0.65 percent to 44,862.54 and reaching a record
high. The index has now risen 2.6 percent in January.
Retailers led gains in the IPC, with Wal-Mart de Mexico
up 1.03 percent and bottler Femsa
advancing 1.25 percent.
Chile's IPSA index was up 0.49 percent at 4,427.39
Latin America's key stock indexes at 2103 GMT:
Stock indexes Pct change
MSCI LatAm 3,909.15 0.95
Brazil Bovespa 61,578.58 0.74
Mexico IPC 44,862.54 0.65
Chile IPSA 4,427.39 0.49
Chile IGPA 21,620.07 0.47
Argentina MerVal 3,071.83 1.78
Colombia IGBC 14,817.55 1.28
Peru IGRA 21,588.08 0.2
Venezuela IBC 474,003.41 0.15