* MMX rises after Tuesday selloff
* Builders PDG, MRV weigh on Brazil's Bovespa
* Bovespa falls 0.76 pct, Mexico IPC down slightly
MEXICO CITY, Sept 11 Brazilian stocks fell on
Wednesday as a rally in commodities exporters and steelmakers
came to an end, and homebuilders were affected by Brazil's
Mexico's IPC index lost 0.22 percent while Chile's
bourse added 0.26 percent.
Commodities firms have helped Brazil's benchmark Bovespa
stock index reach its highest levels in over three
months in recent days, boosted by an improving outlook for
Chinese economic growth, but that rally ended on Wednesday.
Shares of Vale SA, the world's leading iron-ore
producer, gave up early gains to close down 2.17 percent. Rival
firm MMX Mineracao e Metalicos added 2.65 percent,
helped by bargain-hunting the day after the stock fell 17
On Tuesday, the company said controlling shareholder Eike
Batista is in talks to cede control of MMX's iron ore port in
exchange for $400 million of new investment and debt relief.
Analysts said investors were disappointed because of the
resulting dilution in the stock from the potential deal.
Homebuilders weighed on the index, with traders citing an
increase in the yields on interest rate futures
sparked by a weakening local currency, which could further
increase inflation. Higher interest rates typically drive
homebuilder shares lower as mortgages become more expensive and
home sales decline.
Shares of builder PDG Realty SA lost 5.49
percent, while rival MRV Engenharia SA dropped 4.95
Mexico's IPC index fell less than a percent as a 1.18
percent rise in miner and infrastructure company Grupo Mexico
failed to offset a 2.39 percent drop in lender
Grupo Financiero Banorte.
Chile's IPSA index closed slightly up at 3,903.44
points despite a 1.43 percent decline in shares of conglomerate
Latin America's key stock indexes at 2248 GMT:
Stock indexes daily % year-to-da
Latest change te %
MSCI LatAm 3,302.28 -0.89 -13.05
Brazil Bovespa 53,570.46 -0.76 -12.11
Mexico IPC 41,640.53 -0.22 -4.73
Chile IPSA 3,903.44 0.26 -9.25
Chile IGPA 19,127.63 0.16 -9.22
Argentina MerVal 4,516.73 0.32 58.24
Colombia IGBC 14,069.41 0.27 11.08
Peru IGRA 17,000.43 -0.76 -17.59
Venezuela IBC 1,460,267.74 0.86 209.75