* World Bank lowers 2013 global economic growth view
* Brazil Nov economic growth activity steady, challenges
* Brazil Bovespa falls 0.53 pct, Mexico IPC little changed
By Asher Levine
SAO PAULO, Jan 16 Latin American stocks fell on
Wednesday as mounting concern over the pace of global economic
growth lessened demand for riskier assets.
Shares tracked global markets lower after data showed new
car sales in the euro zone plunged to their lowest level since
1995 in December and the World Bank revised its global growth
forecast for 2013 down to 2.4 percent from 3.0 percent.
And while data Wednesday showed economic activity in Brazil
expanded at a steady pace in November, analysts cautioned the
rate of growth may not be easily maintained.
"The government needs to center more on a medium or
long-term growth strategy, not on trying to promote more
consumption," said Deborah Morsch, a partner with Zenith Asset
Management in Porto Alegre, Brazil. "The market is directionless
right now because of that and because of all the uncertainty in
the external markets."
Brazil's benchmark Bovespa stock index fell for the
second straight day, losing 0.53 percent to 61,400.90 before
finding support just above its 21-day simple moving average of
61,239 points, a level the index has not closed below since late
Shares of iron-ore mining firm Vale SA fell 1.5
percent, contributing most to the index's losses, while
state-controlled oil company Petroleo Brasileiro SA,
known as Petrobras, fell 0.9 percent.
Local stocks with high liquidity such as Vale and Petrobras
tend to attract foreign investors looking for exposure to Latin
American equities, with their performance often tracking global
"We are seeing some portfolio shuffling," said Marcio
Cardoso, a partner with Titulo Corretora in Sao Paulo, who said
traders are keeping their investments short-term. "There are
expectations for higher inflation in the first half of the year
in Brazil, as well as uncertainty over the economy's performance
in the medium term."
Mexico's IPC index was little changed at 44,769.04
points, as a 1.47 percent loss by conglomerate Alfa
partially offset a 0.65 percent gain by retailer Wal-Mart de
Chile's IPSA index slipped for the second straight
session, losing 0.21 percent to 4,454.13, though it remained
near an eight-month high of 4,460.
Industrial conglomerate Copec fell 1.67 percent,
contributing most to the index's losses, while retailer Cencosud
dropped 0.9 percent.
Latin America's key stock indexes at 1441 GMT:
Stock indexes daily % YTD %
Latest change change
MSCI LatAm 3,886.85 -0.4 2.75
Brazil Bovespa 61,400.90 -0.53 0.74
Mexico IPC 44,769.04 0.05 2.43
Chile IPSA 4,443.20 -0.27 3.30
Chile IGPA 21,689.90 -0.25 2.94
Argentina MerVal 3,075.21 -0.23 7.74
Colombia IGBC 14,756.10 -0.07 0.27
Peru IGRA 21,770.09 0.16 5.53
Venezuela IBC 477,776.88 -0 1.34