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UPDATE 1-EMERGING MARKETS-Latam stocks mixed ahead of U.S. elections
November 6, 2012 / 3:50 PM / in 5 years

UPDATE 1-EMERGING MARKETS-Latam stocks mixed ahead of U.S. elections

* U.S. voters go to the polls, Romney and Obama deadlocked
    * Volume low as investors await a winner
    * Brazil Bovespa gains 0.49 percent, Mexico IPC up 0.09 pct


    By Asher Levine and Danielle Assalve
    SAO PAULO, Nov 6 (Reuters) - Latin American stocks were
mixed on Tuesday with investors wary of taking positions before
the too-close-to-call U.S. presidential election is decided.
    The MSCI Latin American stock index rose for
the third session in four, adding 0.12 percent to 3,687.40.
    Investors largely avoided the market on Tuesday, with
volumes low and price swings muted as the U.S. election entered
its home stretch. Recent polls show President Barack Obama and
Republican challenger Mitt Romney nearly deadlocked.
 
    "The market doesn't want to take any type of direction
before we get the results of the U.S. election, and it's worth
remembering that it could take a few days," said Henrique
Kleine, chief analyst at Magliano Corretora in Sao Paulo.
    Brazil's benchmark Bovespa stock index rose 0.49
percent to 58,497.56 in choppy trade as a technical momentum
indicator known as the MACD posted a so-called "bullish cross,"
suggesting the index could be about to start a new rally.
    State-controlled oil company Petrobras rose 1
percent, while steelmaker Usiminas climbed 3.8
percent and exchange operator BM&F Bovespa gained 2.6
percent.
    Shares of phone company Telefonica Brasil gained
1.94 percent after the company posted an unexpected rise in
earnings before interest, taxes, depreciation and amortization,
a gauge of operating profit known as EBITDA. 
    "Today's session also has to do with corporate results,"   
said Bruno Piagentini, an analyst with brokerage Coinvalores in
Sao Paulo. "Some companies are beating expectations but we are
still at the beginning and we'll see more this week and next,
which should really shake the market around a bit."
    Units of Brazil's largest independent investment bank BTG
Pactual Group edged up 0.06 percent ahead of
reporting its third-quarter earnings Tuesday evening.
    Profit at BTG was likely crimped by flagging revenue from
advisory work and sales and trading, though the bank remained
resilient to record-low interest rates and a weak economy,
according to a Reuters poll of analysts. 
    Mexico's benchmark IPC index posted a slight gain,
rising 0.09 percent to 41,759.91.
    Conglomerate Alfa rose 0.94 percent, contributing
most to the index's gains, while mining firm Grupo Mexico
 advanced 0.36 percent. 
    Shares of Mexico's largest airline Grupo Aeromexico
 fell 0.1 percent after the company said late Monday
that it would spend $9 billion for 60 new Boeing 737 MAX 
aircraft, with an option for 30 more, as part of plan to
overhaul its fleet and use more fuel efficient planes.
 
    Chile's IPSA index was little changed as gains in
steel and iron ore producer Cap offset losses in shares
of retailer Falabella.
    
    Latin America's key stock indexes at 1520 GMT:
 Stock indexes                           daily %      YTD %
                          Latest          change     change
 MSCI LatAm                  3,687.40       0.12       2.24
                                                  
 Brazil Bovespa             58,497.56       0.49       3.07
                                                  
 Mexico IPC                 41,759.91       0.09      12.63
                                                  
 Chile IPSA                  4,262.14       0.01       2.03
                                                  
 Chile IGPA                 20,907.30       0.01       3.86
                                                  
 Argentina MerVal            2,394.85      -0.01      -2.75
                                                  
 Colombia IGBC              14,346.42      -0.23      13.27
                                                  
 Peru IGRA                  21,036.64       0.28       8.03
                                                  
 Venezuela IBC             359,212.59      -0.06     206.92

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