MEXICO CITY Nov 27 Mexican stocks climbed
sharply to a 10-week high on Wednesday after lawmakers approved
a bill that will make it easier for banks to go after delinquent
creditors and investors bet Congress would soon pass an energy
Stocks in Brazil, meanwhile, rose off a nearly three-month
low as banking shares gained on expectations a Supreme Court
ruling that could lead to huge losses for the industry would be
* Mexico's IPC stock index added 2.12 percent to
41,872.59 points in its biggest one-day percentage jump in two
months and closing at its highest level since mid-September.
* Mexican lawmakers late on Tuesday approved a bill designed
to boost lending in Latin America's second-largest economy by
making it easier for banks to collect on guarantees for bad
loans while also beefing up regulatory power over financial
* Shares in bank Banorte rose 2.07 percent
while billionaire Carlos Slim's financial ground Inbursa
added 3.97 percent. Microlender Gentera
jumped 4.42 percent.
* Lawmakers could soon move onto legislation to open up the
state-run energy sector to more private investment.
Petrochemical firm Alpek climbed 4.39 percent while
industrial conglomerate Mexichem rose 2.97 percent.
* Mexican stocks were also supported by bets a nascent
economic recovery is gaining some steam. Data showed Mexican
factory exports rose in October in a sign of strengthening U.S.
* Brazil's benchmark Bovespa stock index halted a
two-day losing streak, rising 0.81 percent to 51,861.21.
* Shares of Itaú Unibanco Holding SA, Brazil's
largest non-government bank, rose 2.66 percent, while
state-controlled rival Banco do Brasil SA added 2.34
* Investors are betting the country's Supreme Court will
request more time to analyze a legal case that could hurt banks.
* State-run and private-sector lenders have been accused of
failing to remunerate account holders properly during the
implementation of inflation-fighting monetary plans in the late
1980s and early 1990s. The sector could be forced to pay as much
as 150 billion reais ($65.2 billion) in compensation, according
to central bank estimates.
* Recent media reports suggested some of the Supreme Court
justices, known as ministers, have been swayed by recent
lobbying efforts by former and current government officials to
delay the ruling.
* Shares of iron-ore mining giant Vale SA was up
1.88 percent, with analysts citing bargain-hunting after a
two-day, 5.5 percent drop.
* Chile's IPSA index rose its most in over a week,
adding 1.23 percent to 3,716.92 as Latam Airlines
gained 3.57 percent after the company said it expected operating
margins and profitability to improve in 2014.