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EMERGING MARKETS-Latam stocks fall broadly; Mexico's IPC hits 2013 low
February 25, 2013 / 10:10 PM / 5 years ago

EMERGING MARKETS-Latam stocks fall broadly; Mexico's IPC hits 2013 low

* Mexico's IPC hits year's low
    * Investors continue to voice America Movil concerns
    * Brazil Bovespa falls 0.14 pct, Chile IPSA down 0.63 pct

    By Lorena Segura and Danielle Assalve
    MEXICO CITY/SAO PAULO Feb 25 (Reuters) - Mexican stocks
slumped to their lowest level of the year on Monday as telecoms
giant America Movil's share price decline  weighed on the IPC
stock index. 
    Brazil's benchmark Bovespa stock index closed 0.14
percent lower at 56,617.56 after hovering near Friday's closing
level for most of the session, while Chile's IPSA ended
the day down 0.63 point at 4,516.04. 
    Mexico's IPC index, which added nearly 18 percent last year,
closed at its worst level since late December, ending the day
down 0.86 percent at 43,497.20. 
    Shares in America Movil drove losses as investors
continued to voice concern about the company's results, its
foreign investments, and the impact of a pending telecoms reform
in Mexico that could threaten the company's dominant market
    The company's shares lost 2.29 percent, trading at 13.63
pesos, their lowest level since August 2011.  
    However, Mexico's homebuilder sector appeared to recover
after Fitch ratings agency downgraded the principal companies in
the sector last week. 
    Fitch put Geo, Urbi and Homex 
on a negative ratings watch, citing cash flow problems, lack of
government support for the sector and a decline in investor
    Shares of Urbi closed up nearly 8 percent, while Geo shares
were up nearly 1.5 percent. Homex shares closed up 9.16 percent.
    "After such a sizeable fall the homebuilders are improving
but it's a brave soul who puts his money there," said Jorge
Nevid, head trader at Mexico City's Accival brokerage, part of
Citigroup unit Banamex.
    In Brazil, OGX Petroleo e Gas Participacoes SA,
the oil company controlled by Brazilian billionaire Eike
Batista, fell 8.91 percent, driving losses.
    Shares of phone company Telefonica Brasil SA rose
3.26 percent after the company said fourth-quarter net income
edged up 1 percent from a year earlier to 1.474 billion reais
($748 million), exceeding the average forecast of 1.1 billion
reais from a Reuters poll of analysts. 

    Latin America's key stock indexes at 2145 GMT: 
 Stock indexes                                      % change
 MSCI LatAm                          3,799.01          -0.27
 Brazil Bovespa                     56,617.56          -0.14
 Mexico IPC                         43,497.20          -0.86
 Chile IPSA                          4,516.04          -0.63
 Chile IGPA                         22,043.76          -0.48
 Argentina MerVal                    3,124.64           -0.5
 Colombia IGBC                      14,828.50          -0.21
 Peru IGRA                          20,562.50          -0.34
 Venezuela IBC                     622,734.56           0.63

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