* Stocks partly rebound from Monday's plunge
* Commodities firms contribute most to gains
* Brazil Bovespa rises 1.41 pct, Mexico IPC up 0.18 pct
By Asher Levine
SAO PAULO, April 16 Bargain-hunting drove Latin
American stocks higher on Tuesday, the day after weak economic
growth data from China led Mexican and Brazilian shares to their
worst one-day drop in over a year and a half.
The MSCI Latin American stock index snapped
a three-day slide, rising 0.8 percent to 3,723.65.
Brazil's benchmark Bovespa stock index rose 1.41
percent, bouncing back from its lowest closing level since late
"We are seeing a rebound after yesterday's fall, but the
trend is still pointing to losses (for the Bovespa)," said
Hamilton Alves, a senior analyst with BB Investimentos in Sao
Shares of widely traded commodities firms contributed most
to the Bovespa's rise following a sell-off in the previous
session due to fears that slowing economic growth in China could
lead to weaker global demand for raw materials.
China is Brazil's biggest trading partner and a key
purchaser of Latin American commodities exports such as
iron-ore, soy, copper and petroleum.
State-run oil company Petroleo Brasileiro SA,
known as Petrobras, rose 2.5 percent, while iron-ore mining firm
Vale added 1.6 percent.
Shares of homebuilder Gafisa SA fell 4.5 percent
after the company said late Monday that deliveries of new homes
plunged 79 percent in the first quarter from a year earlier.
Analysts said many investors were staying cautious ahead of
the expiration of options on index futures on Wednesday.
"Tomorrow...we will see if all the foreigners who are short
on the index roll over their positions. If they do, that should
keep pressure on the Bolsa for a while," said Carlos Manuel
Pereira De Sousa, a strategist with Lopes Filho brokerage in Rio
Mexico's IPC index rose for the first session in
three, adding 0.18 percent to 43,063.17 as shares of retail
giant Wal-Mart de Mexico advanced 1.2 percent.
Debt fears continued to weigh on homebuilders, however, with
shares of Urbi and Geo both falling 12
Chile's IPSA index rose 1.09 percent to 4,277.07 as
shares of retailer Falabella added 2.9 percent.
Latin America's key stock indexes at 1434 GMT:
Stock indexes daily % YTD %
Latest change change
MSCI LatAm 3,723.65 0.8 -2.73
Brazil Bovespa 53,694.70 1.41 -11.91
Mexico IPC 43,063.17 0.18 -1.47
Chile IPSA 4,277.07 1.09 -0.57
Chile IGPA 21,036.17 0.84 -0.16
Argentina MerVal 3,423.20 0.59 19.93
Colombia IGBC 13,337.28 0.80 -9.37
Peru IGRA 18,544.08 0.59 -10.11
Venezuela IBC 641,807.81 0 36.14