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EMERGING MARKETS-Latam stocks dip; Brazil down as investors pocket gains
August 26, 2013 / 10:23 PM / 4 years ago

EMERGING MARKETS-Latam stocks dip; Brazil down as investors pocket gains

* Bovespa retreats from 2-month high set in previous session
    * Shares of America Movil edge down on Telefonica-KPN deal
    * Brazil's Bovespa down 1.47 pct, Mexico's IPC down 1.23 pct

    MEXICO CITY, Aug 26 (Reuters) - Brazilian stocks led Latin
American indexes down on Monday as investors sought to lock in
gains after the previous session left the benchmark Bovespa
index at a two-month high.
    Mexico's IPC index and Chile's bourse both
lost ground as well. 
    "The (Bovespa) is responding to Friday's high," said Fabio
Goncalves, an analyst at Banrisul Corretora in Porto Alegre.
"But we're also seeing some tentativeness from investors ahead
of some key domestic indicators this week."
    Brazil's Bovespa stock index closed down 1.47
percent at 51,429.48.
    Shares of state-run Petroleo Brasileiro SA, known
as Petrobras, shed 1.9 percent, snapping a three-session streak
of gains. Petrobras shares have also posted three consecutive
weekly gains.
    MMX Mineracao e Metalicos SA, the mining firm
controlled by tycoon Eike Batista, lost 8.09 percent.
    Shares of homebuilder Gafisa SA slid 6.13 percent
after Goldman Sachs Group Inc sold 12.47 million common
shares of the company, reducing its ownership stake to 3.2
    On Monday, China's state statistics bureau said its economy
is on track to meet the government's 2013 growth target of 7.5
    China is Brazil's largest trading partner and a key buyer of
commodities such as petroleum and iron ore.
    Mexico's IPC index fell 1.23 percent to 40,419.93,
its biggest drop in a week and its lowest level since late July.
Retail giant Wal-Mart de Mexico led losses, dipping
2.53 percent. 
    Shares of billionaire Carlos Slim's telecom giant America
Movil edged down 0.23 after Telefonica said
it had boosted its bid for Dutch telecommunications firm KPN's
 German subsidiary, E-Plus.
    America Movil, which owns nearly 30 percent of KPN,
announced on Monday that it supported Telefonica's new offer and
would continue with its plan to purchase the rest of KPN.
    Chile's IPSA index fell 0.52 percent to 3,641.24
points, its eighth fall over the past nine sessions.
    Shares of Falabella led losses, falling 1.32
    Latin America's key stock indexes at 2136 GMT:
 Stock indexes                  daily   YTD %
                                    %  change
                      Latest   change  
 MSCI LatAm           3,101.3   -1.33  -18.34
 Brazil Bovespa       51,429.   -1.47  -15.62
 Mexico IPC           40,419.   -1.23   -7.52
 Chile IPSA           3,641.2   -0.52  -15.35
 Chile IGPA           18,075.   -0.39  -14.21
 Argentina MerVal     3,897.4   -0.14   36.55
 Colombia IGBC        13,599.   -0.20   -7.59
 Peru IGRA            16,855.    0.54  -18.29
 Venezuela IBC        1,323,5    1.03  180.76

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