October 16, 2013 / 10:32 PM / 4 years ago

EMERGING MARKETS-Brazil stocks hit 4-1/2 month high, Mexico up

3 Min Read

MEXICO CITY, Oct 16 (Reuters) - Brazilian stocks rose to a
4-1/2 month high on Wednesday as oil firm OGX climbed on hopes
of a cash infusion and U.S. lawmakers appeared close to passing
a deal to avert a potentially damaging debt default.
    Brazilian stocks have gained ground in recent weeks on bets
the worst of an economic slowdown has passed, helping stocks
climb back from a recent slump. Weak growth in Mexico has
dragged stocks there off record highs seen early this year. 
    * Brazil's Bovespa index gained 1.8 percent to close
at its highest since late May.
    * Shares of Brazilian tycoon Eike Batista's OGX Petróleo e
Gás Participações SA rose 38.24 percent on hopes it
may receive a cash injection as part of a restructuring plan.
    * Early in the afternoon, Republican and Democratic leaders
in the U.S. Senate announced a bipartisan deal to raise the U.S.
debt limit and end the government shutdown, but it was set to be
a temporary solution that leaves the door open to another
showdown early next year. 
    * Mexico's benchmark IPC index rose only a modest
0.34 percent as a jump in shares of telecom company America
Movil was offset by losses in bottler Femsa.
    * America Movil's shares gained 3.16 percent after the
company announced it would not proceed with a plan to boost its
stake in Dutch telecom KPN. 
    * Femsa shed 1.51 percent to its lowest price
in nearly a year as Mexico's lower house finance committee
looked set to approve a new tax on soft drinks that is expected
to hit sales at the bottler of Coca-Cola Co beverages.

    Latin America's key stock indexes at 2200 GMT:
 Stock indexes                       daily %    YTD %
                                      change   change
 MSCI LatAm                3,463.82     0.92    -8.79
 Brazil Bovespa           55,973.03      1.8    -8.17
 Mexico IPC               40,355.27     0.34    -7.67
 Chile IPSA                3,856.42     0.09   -10.34
 Chile IGPA               18,994.36      0.1    -9.85
 Argentina MerVal          5,256.79    -0.53    84.17
 Colombia IGBC            14,297.90     0.29    -2.84
 Peru IGRA                15,540.24     0.24   -24.67
 Venezuela IBC            1,895,133     0.37   301.99

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