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EMERGING MARKETS-Brazil stocks flat as OGX offsets Vale
May 24, 2013 / 2:41 PM / 4 years ago

EMERGING MARKETS-Brazil stocks flat as OGX offsets Vale

* Concerns over Chinese economic growth, Fed stimulus weigh
    * Brazil Bovespa little changed, Mexico IPC falls 0.65 pct

    By Asher Levine
    SAO PAULO, May 24 (Reuters) - Brazilian stocks were little
changed on Friday as concerns over weak economic growth in China
weighed on shares of mining firm Vale, offsetting a gain in oil
producer OGX.
    Mexico's IPC index edged towards its lowest closing
level since September, while Chile's bourse was little
    "The market is suffering from the possible reduction of
monetary stimulus in the United States and the declining outlook
for Chinese growth," said Hamilton Alves, a senior analyst with
BB Investimentos in Sao Paulo. "Stocks abroad are overstretched
and we are likely to accompany any pullback there, especially in
the blue-chips."
    * Brazil's benchmark Bovespa stock index faced
technical resistance near 56,400 points for the third straight
    * Shares of Vale SA dropped 1.12 percent the day
after data showed a decline in Chinese factory activity in
April. China is Brazil's top trading partner and Vale's No. 1
    * Shares of OGX Petroleo e Gas Participacoes SA,
the oil company controlled by Brazilian billionaire Eike
Batista, added 2.14 percent. Traders attributed the rise to
market volatility after a nearly 57 percent drop in the shares
this year brought prices to their lowest levels ever in April.
    * Mexico's IPC index fell for the fourth session in
five as data showed the seasonally adjusted jobless rate in
Latin America's second-largest economy ticked up in April to a
three month high.
    * Shares of telecommunications firm America Movil,
controlled by billionaire Carlos Slim, fell 1.28 percent, while
bottling group Femsa lost 2.36 percent.
    * Chile's IPSA index edged slightly higher, led by a
1.2 percent gain in shares of lender BCI.
    Latin America's key stock indexes at 1354 GMT:
 Stock indexes                            daily %     YTD %
                                Latest     change    change
 MSCI LatAm                    3,645.48     -0.16     -3.86
 Brazil Bovespa               56,332.65     -0.03     -7.58
 Mexico IPC                   40,243.89     -0.65     -7.92
 Chile IPSA                    4,239.97      0.07     -1.43
 Chile IGPA                   20,862.48      0.07     -0.99
 Argentina MerVal                  0.00         0   -100.00
 Colombia IGBC                13,388.12     -0.13     -9.02
 Peru IGRA                    16,660.59       0.3    -19.24
 Venezuela IBC               785,367.00         0     66.59

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