* Brazil builder Cyrela raises profit margin target
* Bargain-hunters step in after Bovespa hits 4-month low
* Brazil Bovespa gains 0.28 pct, Mexico IPC up 0.12 pct
By Asher Levine and Danielle Assalve
SAO PAULO, March 22 Brazilian stocks snapped a
three-day slide on Friday as encouraging results from
homebuilder Cyrela boosted construction stocks after several
weeks of declines.
Telecommunications firm America Movil led Mexico's
IPC index higher, while Chile's bourse rose for
the third day in four.
Brazil's benchmark Bovespa stock index rose 0.28
percent to 55,732.78 though it is on track to close the session
with its second straight weekly loss.
Despite the modest increase, Friday's session was the
Bovespa's biggest daily gain in over two weeks. The index had
fallen in eight of the previous 10 sessions as worries over a
potential banking sector collapse in Cyprus and weak European
growth data weighed on shares.
Bargain hunters stepped in on Friday following an increase
in global risk appetite after Greece and Cyprus said that Greek
banks had agreed to buy the local units of stricken Cypriot
"Today the market is taking a breather, but we should
basically continue as we were, which is weak," said Pedro Galdi,
chief analyst with SLW Corretora in Sao Paulo.
Homebuilders drove gains in the Bovespa, with shares of
Cyrela Brasil Realty SA up 4.4 percent after the
company raised its gross profit margin target in a late Thursday
Shares of rivals PDG Realty SA and Gafisa SA
gained 2.8 percent and 1.3 percent, respectively.
Galdi said the rise in construction firms also reflected a
technical rebound following hefty losses in the sector's shares
Shares of meatpacker Minerva SA rose 0.63
percent to 12.83 reais. Bank of America Merrill Lynch analysts
trimmed the target price to 14.5 reais from 15 reais on Friday,
though they maintained a buy recommendation on the stock,
calling it "the best way to play the positive cattle cycle in
Mexico's IPC index edged higher for the second
straight day, rising 0.12 percent to 42,582.30.
Telecommunications firm America Movil, controlled by
billionaire Carlos Slim, rose 1.8 percent, contributing the most
to the index's rise, after Mexico's lower house of Congress
approved a sweeping reform of the telecommunications industry
early on Friday.
America Movil's shares rose after investors were encouraged
by the possibility Slim, the world's richest man, could profit
by entering Mexico's TV market, analysts said.
Chile's IPSA index rose 0.12 percent to 4,455.60, as
shares of regional energy firm Enersis gained 1.44
Latin America's key stock indexes at 1522 GMT:
Stock indexes daily % YTD %
Latest change change
MSCI LatAm 3,739.41 -0.68 -0.86
Brazil Bovespa 55,732.78 0.28 -8.56
Mexico IPC 42,582.30 0.12 -2.57
Chile IPSA 4,455.60 0.12 3.59
Chile IGPA 21,800.67 0.09 3.47
Argentina MerVal 3,486.97 -0.08 22.17
Colombia IGBC 14,047.02 0.87 -4.54
Peru IGRA 19,997.40 0.16 -3.06
Venezuela IBC 632,130.00 0 34.09