* Fed's Evans boosts outlook for U.S. economic growth
* OECD says global economy improving
* Brazil Bovespa rises 1.17 pct, Mexico IPC up 0.65 pct
By Asher Levine
SAO PAULO, Jan 14 Brazilian stocks tracked
global markets higher on Monday as an improving outlook for
world economic growth fed demand for riskier assets.
Mexico's IPC index extended a recent rally, while
Chile's bourse retreated following five straight weeks
Investors' appetite for risk increased after the
Organization for Economic Cooperation and Development said on
Monday that the growth outlook for most industrialized countries
is improving and the economy of Brazil's top trading partner,
China, has reached a positive turning point.
Chicago Federal Reserve chief Charles Evans added to
positive investor sentiment after he said on Monday that he saw
the U.S. economy, the world's largest, picking up speed through
Brazil's benchmark Bovespa stock index rebounded
from its worst weekly loss in nearly two months, adding 1.17
percent to 62,214.93.
Still, analysts warned that gains are likely to be
short-lived as profit-takers await opportunities to lock in
"We're seeing a short-term bump," said Ariovaldo Santos, an
equities manager with H.Commcor in Sao Paulo. "The market may be
up compared to Friday but if you look at a slightly longer
period, prices are still a bit depressed."
Shares of OGX Petroleo e Gas SA rose 2.9 percent,
contributing most to the index's gains, while state-controlled
rival Petroleo Brasileiro SA, known as Petrobras,
gained 1.4 percent.
The high liquidity in shares of Brazilian oil producers
tends to attract foreign investors looking for exposure to Latin
American equities, with their performance often tracking global
Shares of Embraer SA, the world's largest maker
of regional jets, rose 3.24 percent after the company announced
an order for 20 new planes on Monday.
"Worries about its order book and pressure from a strong
dollar shouldn't hurt the company as much this year so the
outlook for the company is better," said Joao Pedro Brugger, an
analyst with Leme Investimentos in Florianopolis, Brazil.
Mexico's IPC index rose 0.65 percent to reach a new
record high of 45,181.21.
Telecommunications firm America Movil, controlled
by billionaire Carlos Slim, rose 1.35 percent, contributing most
to the index's gains, while lender Grupo Financiero Banorte
climbed 1.69 percent.
Chile's IPSA index fell for the second straight
session, losing 0.26 percent to 21,621.05 following an eight-day
rally that ended Thursday.
Still, a technical indicator known as the relative strength
index remained in "overbought" territory, indicating stocks may
be due to fall further in coming sessions.
Retailer Falabella lost 0.85 percent, contributing
most to the index's fall, while industrial conglomerate Copec
lost 1.11 percent.
Latin America's key stock indexes at 1436 GMT:
Stock indexes daily % YTD %
Latest change change
MSCI LatAm 3,942.14 0.86 2.91
Brazil Bovespa 62,214.93 1.17 2.07
Mexico IPC 45,181.21 0.65 3.38
Chile IPSA 4,424.38 -0.32 2.86
Chile IGPA 21,621.05 -0.26 2.61
Argentina MerVal 3,125.62 0.57 9.51
Colombia IGBC 14,726.33 -0.02 0.07
Peru IGRA 21,931.60 0.12 6.31
Venezuela IBC 473,891.25 0 0.52