* Steelmaker CSN, Gerdau, Usiminas down after two-session gain * Traders step up bets on PDG Realty; Petrobras declines * Brazil's Bovespa down 2.07 pct; Mexico's IPC rises 0.82 pct MEXICO CITY, Aug 20 Brazilian stocks closed lower on Tuesday, snapping a nine-session rally, led by declines in shares of mining and steel producers despite resilient prices for the commodities in global markets. The benchmark Bovespa stock index shed 2.07 percent to 50,506.43 points, putting an end to an over-4,000 point gain that began two weeks ago. The rally, the longest since the 12-day rally at the end of July 2010, drove the Bovespa to its highest level in more than two months. "Since the Bovespa rose in previous sessions despite an uncertain outlook and with the dollar and interest rates higher, it's natural for there to be a correction in gains," said Joao Pedro Brugger, an analyst at Leme Investimentos in the southern city of Florianopolis. Mexico's IPC index saw a recovery from an over one percent drop in the previous session, while Chile's bourse fell for a fifth consecutive session. Among stocks weighing heavily on the Bovespa were shares of firms involved in steel and oil production. Shares of state-run oil company Petroleo Brasileiro SA , known as Petrobras, fell 3.93 percent, contributing most to the index's decline. Traders said the oil company was being "shorted" heavily, along with homebuilder PDG Realty SA which saw its share price fall 3.6 percent. Traders who sell securities "short" borrow shares and then sell them in the hope that the price will fall, so they can buy them back more cheaply, return them to the lender and pocketing the difference. Mining giant Vale SA, the world's largest iron-ore miner, reversed the previous session's gains, tumbling 2.81 percent while steelmakers Usinas Siderurgicas de Minas Gerais SA, or Usiminas, Cia Siderurgica Nacional , or CSN, and Gerdau SA, all backtracked from a two-session surge. Shares in steel mills fell on speculation that CSN, Usiminas, and Gerdau are in talks to buy Porto do Sudeste, currently operated by MMX Mineracao e Metalicos SA, the mining company owned by embattled tycoon Eike Batista, traders said. Often, talks of mergers and acquisitions activity leads to declines in those stocks, on concerns of a potential debt expenses that may be incurred in a takeover. Mexico's IPC index added 0.82 percent to 41,825.4 points a day after its biggest one-session drop in three weeks, despite data showing the country's economy contracted in the second quarter for the first time since 2009. Shares of billionaire Carlos Slim's telecommunications firm America Movil led the index's gains, adding 2.87 percent while Mexican copper miner and railroad operator Grupo Mexico added 3.81 percent to its share price. Chile's IPSA index lost 0.42 percent to 3,687.19 points. The index was dragged down by retailer Cencosud which saw its share price dip 2.3 percent. Latin America's key stock indexes at 2043 GMT: Stock indexes Daily YTD pct Latest pct change change MSCI Latam 3,105.88 -0.83 -18.22 Brazil Bovespa 50,507.02 -2.07 -17.14 Mexico IPC 41,825.40 0.82 -4.30 Chile IPSA 3,687.19 -0.42 -14.28 Chile IGPA 18,270.94 -0.42 -13.29 Argentina MerVal 3,850.73 0.92 34.91 Colombia IGBC 13,719.73 -0.37 -6.77 Peru IGRA 16,681.00 0.79 -19.14 Venezuela IBC 1,290,065.87 0.11 173.65
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