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EMERGING MARKETS-Brazil, Mexico stocks fall back after sharp rally
November 19, 2013 / 10:06 PM / 4 years ago

EMERGING MARKETS-Brazil, Mexico stocks fall back after sharp rally

* Brazil Bovespa falls 2.35 pct after three-session surge

* Trading on Mexico’s IPC temporarily suspended

MEXICO CITY, Nov 19 (Reuters) - Brazilian stocks sank by the most in more than seven weeks on Tuesday as investors took profits on a three-day rally.

Mexico’s IPC index also pulled back after a recent surge. Trading in Mexico was suspended shortly after opening due to technical problems and only reopened in the last hour. Chile’s bourse fell for the first session in four.

Brazil’s benchmark Bovespa stock index dropped 2.35 percent to 53,032.91, its biggest one-day drop since Sept. 30. The slump cut into a 4.8 percent rise in the previous three sessions that was fueled by optimism over Chinese economic reforms and bets U.S. monetary stimulus will hold steady.

Shares of state-run oil company Petroleo Brasileiro SA , known as Petrobras, fell 1.54 percent, following a nearly 10 percent rally over the previous three sessions.

Itaú Unibanco Holding SA, Brazil’s largest non-government bank, dropped 2.67 percent, while rival Banco Bradesco SA lost 3.28 percent. Both stocks had posted strong gains in recent days.

Mexico’s IPC index fell 0.95 percent to 40,643.25. A surge of about 3.6 percent in the previous three sessions had taken the index to a nearly two-week high. Mexican markets were closed Monday due to a national holiday.

Shares in bottler and retailer FEMSA dropped 2.81 percent.

Chile’s IPSA index fell 0.97 percent to 3,804.83, as shares of Banco de Chile fell 2.25 percent.

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