* OGX shares soar on talk of stake sale
* Petrobras, banks decline
* Brazil Bovespa falls 0.87 pct, Mexico IPC up 0.14 pct
By Asher Levine
SAO PAULO, April 22 Brazilian stocks fell on
Monday as investors sold off shares of banks and energy giant
Petrobras to take advantage of recent gains, while shares of
troubled oil firm OGX soared on reports of a stake sale.
Mexico's IPC index and Chile's bourse both
Brazil's benchmark Bovespa stock index capped two
days of gains, losing 0.87 percent to 53,458.97. The index has
faced technical resistance near 54,000 points for nearly a week.
Shares of state-run oil company Petroleo Brasileiro SA
, known as Petrobras, fell 1 percent, contributing
most to the index's decline, after having risen 7.6 percent over
the previous two sessions.
Itaú Unibanco Holding SA, Brazil's largest
non-government bank, dropped 1.5 percent following a 2.2 percent
gain on Friday.
"We had a strong end to the week and the foreign markets are
falling," said Alvaro Bandeira, a partner at Orama Investimentos
in Rio de Janeiro. "It's become a short-term market, it rises
one day and falls the next...the Brazilian market is suffering
in terms of investment flows and the lack of long-term
Shares of OGX Petroleo e Gas Participações SA,
the oil company controlled by Brazilian billionaire Eike
Batista, soared nearly 20 percent in early trading, before
settling near a 12.5 percent gain shortly before noon.
Brazil's Folha de S.Paulo newspaper said on Sunday that
negotiations were at an advanced stage for Russia's
second-largest crude producer Lukoil to take a stake in the
company, in a deal that would also involve Malaysia's Petronas.
OGX shares have plunged over 65 percent this year on
concerns over missed production targets and the potential need
for more capital.
OGX said in a brief statement that the newspaper report on
the rescue plan was not accurate.
"You have a lot of people who are short on the shares, so
when a piece of news like that comes out, they exit their
positions, which ends up boosting the shares quite a bit,"
Kroton Educacional SA, Brazil's largest provider
of undergraduate distance learning, rose 7 percent after the
company announced plans on Monday to take over rival Anhanguera
Educacional Participações SA in an all-stock deal.
Mexico's IPC index rose 0.14 percent to 42,866.54, as
shares of telecommunications firm America Movil,
controlled by billionaire Carlos Slim, added 1.85 percent.
Chile's IPSA index rose for the third straight
session, adding 0.14 percent to 4,311.97 as shares of retailer
Falabella advanced 0.59 percent.
Latin America's key stock indexes at 1440 GMT:
Stock indexes daily % YTD %
Latest change change
MSCI LatAm 3,661.58 -1.07 -2.54
Brazil Bovespa 53,458.97 -0.87 -12.29
Mexico IPC 42,866.54 0.14 -1.92
Chile IPSA 4,311.97 0.14 0.25
Chile IGPA 21,145.72 0.15 0.36
Argentina MerVal 3,433.44 -0.32 20.29
Colombia IGBC 13,322.33 0.05 -9.47
Peru IGRA 17,916.16 0.06 -13.15
Venezuela IBC 643,978.00 0 36.60