* Profit-taking investors sell shares of Vale, Petrobras
* Gains for steelmakers Usiminas, CSN help stem losses
* Brazil's Bovespa down 0.66 pct, Mexico's IPC down 0.9 pct
By Lucas Iberico-Lozada
SAO PAULO, July 29 Stock exchanges in Latin
America were weaker on Monday, led by profit-taking in metals
and petroleum exporters that capped a five-week high for the
Around the region, Mexico's IPC index retreated from
a three-week high while Chile's bourse fell for the
third session in a row.
Brazil's benchmark Bovespa stock index fell 0.66
percent to 49,094.53 points, capping a two-session rally.
Putting a floor under the index's losses were advances in shares
"The Bovespa has had three continuous weeks of gains.
Investors are reacting by selling in order to make quick
profits," said Alvaro Bandeira, a partner with Orama
Investidores in Rio de Janeiro.
"But those sales are being counteracted by the entrance of
foreign investors into the market who are buying shares of
stocks that have fallen sharply in the past months," he added.
Leading the Bovespa's losses were shares of mining giant
Vale SA, which retreated 0.9 percent, capping a
Shares of steelmaker Usinas Siderugicas de Minas Gerais SA
, known as Usiminas, jumped 4.2 percent on Monday,
adding to their largest three-session gain since September 2012.
Shares of rival steelmaker Companhia Siderugica Nacional
, added 1.9 percent.
Mexico's IPC index fell for the second session in
three, dropping 0.9 percent to 40,695.40 as the index was seen
rangebound between about 39,600 and just under 40,900.
Shares of telecommunications firm America Movil,
controlled by billionaire Carlos Slim, dipped 2.3 percent,
contributing most to the index's losses.
On Monday, the company ended an agreement to keep its
holding in Dutch telecommunications firm KPN below 30
percent after rival firm Telefonica made a bid for
KPN's German mobile arm.
Chile's IPSA index dipped 0.34 percent to 3,807.11
points on Monday. Contributing most to the index's losses were
weakened shares of retailer Falabella.
Latin America's key stock indexes at 1527 GMT:
Stock indexes Latest Daily pct YTD pct
MSCI LatAm 3,192.84 -1.01 -15.08
Brazil Bovespa 49,094.53 -0.66 -19.45
Mexico IPC 40,695.40 -0.9 -6.89
Chile IPSA 3,796.48 -0.34 -11.74
Chile IGPA 18,874.61 -0.26 -10.42
Argentina MerVal 3,406.40 -0.49 19.34
Colombia IGBC 13,412.03 -0.14 -8.86
Peru IGRA 15,310.92 -0.16 -25.78