March 29, 2018 / 4:51 PM / 8 months ago

EMERGING MARKETS-Brazil equities jump amid global volatility respite

    SAO PAULO, March 29 (Reuters) - Equities in Brazil, the only
major Latin American market open all day on Thursday, posted
their biggest intraday gain in three weeks, as a volatile week
regarding international trade and politics gave way to a brief
calm period.
    Traders consulted by Reuters said they were keeping an eye
on Wall Street, which bounced back on Thursday after a sharp
sell-off that was largely driven by tough trade rhetoric by U.S.
President Donald Trump. Shares in Facebook Inc, Apple Inc
, and Alphabet Inc were all up between 2 and 4
percent, driving a 1.6 percent gain on the S&P technology index
.
    Brazil's benchmark Bovespa index was up 1.54 percent
in afternoon trade, higher than gains in Wall Street's three
major indexes.
    "We're following the calmer external scenario," said a Rio
de Janeiro-based trader. "But we're going to see if this is
sustained until the end of the day."
    Among the major gainers was Braskem SA, Latin
America's largest petrochemical company, which was trading up
5.6 percent after swinging to a profit in the fourth quarter.

    Among sectors on the Bovespa that benefited most from the
perceived calm were stocks exposed to international steel
markets.
    Vale SA, a major miner of key steelmaking
ingredient iron ore, jumped 2.6 percent, while steelmakers Cia
Siderurgica Nacional SA and Gerdau SA
jumped 5.7 percent and 3.2 percent, respectively.
    Elsewhere in Latin America, markets were generally closed
due to Easter holidays, though markets in Chile are open for a
half day.
     
    Key Latin American stock indexes and currencies at 1634 GMT:
    
 Stock indexes                           daily %     YTD %
                             Latest       change    change
 MSCI Emerging Markets         1169.92      0.62      0.36
                                                  
 MSCI LatAm                    3034.04      1.57      5.62
                                                  
 Brazil Bovespa               85139.50      1.51     11.44
                                                  
 Chile IPSA                    5539.69      1.34     -0.45
                                                  
 Chile IGPA                   27712.39      1.13     -0.96
                                                  
                                                          
 Currencies                              daily %     YTD %
                                          change    change
                                Latest            
 Brazil real                    3.3143      0.47     -0.03
                                                  
 Mexico peso                   18.2115      0.54      8.17
                                                  
 Chile peso                      604.6     -0.02      1.66
                                                  
 Colombia peso                 2792.13     -0.03      6.80
 Peru sol                        3.229      0.00      0.25
                                                  
 Argentina peso                20.1450      0.12     -7.67
 (interbank)                                      
                                                  
 Argentina peso                  20.71      0.24     -7.15
 (parallel)                                       
                                                  
 
 (Reporting by Gram Slattery and Camila Moreira
Editing by James Dalgleish)
  
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