* Gerdau, CSN contribute to gains on Brazil index
* OGX, MMX up after rout in previous session
* Brazil's Bovespa up 1.24 pct, Mexico's IPC down 0.25 pct
MEXICO CITY, Aug 16 Brazil's stock index rose
above 51,000 points for the first time in more than two months
on Friday, boosted by shares of steelmakers and by bargain
hunters who snapped up stock of Eike Batista's debt-ridden EBX
Concerns over an expected rollback of the U.S. Federal
Reserve's massive bond-buying scheme continued to weigh on Latin
American stock markets in general, however, keeping Mexico's IPC
index and Chile's bourse in the red.
Investors worry that the U.S. central bank may start cutting
back on its $85 billion-a-month bond-buying program as early as
September, potentially reducing investors' appetite for riskier
assets in emerging markets.
* Brazil's benchmark Bovespa stock index rose 1.24
percent for its eighth straight day of gains, its longest
winning streak since September. It closed at 51,538.78, with an
8.53 percent jump in homebuilder PDG Realty leading
* After a steep June selloff, the index posted its sixth
week of gains in eight, but analysts suggested that the
Brazilian market is not ready to post further gains, decoupled
from its peers.
* In August, the index is on track for its strongest month
since January 2012.
* Gains for Brazil's largest steelmakers, including a 6.62
percent rise in shares of SA Gerdau and a 7.05 jump
in Siderurgica also pulled the index up.
* Shares of oil company OGX Petroleo e Gas Participacoes SA
and miner MMX Mineracao e Metalicos SA of
Batista's tottering EBX empire rose more than 6 percent, driven
by bargain hunting.
* Mexico's IPC index fell 0.25 percent on U.S.
stimulus concerns to close at 42,049.70 points, as a 1.81
percent decline in shares of miner Grupo Mexico
contributed most to the index's losses.
* Chile's IPSA index fell 0.77 percent to close at
3,730.40 points, its third consecutive session of losses. Shares
of retailer Falabella led losses in the index, dropping
Latin America's key stock indexes at 2028 GMT:
Stock indexes Latest Daily YTD pct
MSCI LatAm 3,172.27 -1.09 -15.55
Brazil Bovespa 51,538.78 1.24 -15.44
Mexico IPC 42,049.70 -0.25 -3.79
Chile IPSA 3,730.40 -0.77 -13.27
Chile IGPA 18,427.92 -0.72 -12.54
Argentina MerVal 3,815.29 -1.28 33.67
Colombia IGBC 13,770.31 -0.09 -6.43
Peru IGRA 16,525.49 0.1 -19.89