January 4, 2013 / 9:46 PM / in 5 years

EMERGING MARKETS-Latam stocks mixed as profit-taking weighs

* Brazil's Bovespa snaps 3-day rally
    * OGX gains after starting oil production at well
    * Brazil Bovespa falls 1.25 pct, Mexico IPC up 0.43 pct

    By Danielle Assalve
    SAO PAULO/MEXICO CITY Jan 4 (Reuters) - Brazilian stocks saw
their biggest daily fall in a month on Friday as investors sold
off shares of commodities producers following a three-day rally
that saw the index rise nearly 5.0 percent. 
    Both Mexico's IPC index and Chile's bourse 
posted gains, with the Chilean IPSA adding more than 2.0 percent
since the beginning of the year.
    By comparison, Brazil's benchmark Bovespa stock index
 posted its biggest daily loss in more than a month,
losing 1.25 percent to 62,523.06.
    The index reached its highest level in nearly nine months in
the previous session, with strong appetite for riskier assets
following an agreement on Tuesday by U.S. lawmakers to avoid the
so-called "fiscal cliff" of automatic tax hikes and spending
    Nonetheless, despite Friday's decline, the index ended the
first week of the year with an appreciation of 2.58 percent, and
analysts said the trend for the near future was still positive.
    "Many players are still out of Brazil. If there is
improvement and external perception of the Brazilian economy
also improves, the stock market will have more room to rise,"
said Roberto Sierra, a partner at Fram Capital. 
    Raw materials producers contributed most to the index's
fall, with preferred shares of iron-ore mining giant Vale SA
 losing 2.19 percent.
    Shares of oil producer OGX Petroleo e Gas SA,
controlled by billionaire Eike Batista, rose 2.04 percent after
the company said it began oil output from a third well in its
offshore Tubarão Azul field. 
    Despite rising in early morning trading, shares of
steelmaker Cia Siderúrgica Nacional SA lost 4.22 
percent after sources at steel distributors said the company
will raise prices for some products. 
    Mexico's IPC index was up just under half a percent
at 44,562.33 points. Telecommunications firm America Movil
, controlled by billionaire Carlos Slim, rose 2.46
percent, partially offsetting a 2.12 percent fall by mining firm
Industrias Penoles. 
    Fresnillo, Penoles' parent company, shed 4 percent
in volume of 1.7 times its average 90-day volume on the London
bourse on Friday, with traders citing the impact of a downgrade
by UBS to "neutral" from "buy". 
    Chile's IPSA index gained for the fourth straight session,
adding 0.94 percent to 4,397.91, its highest level since July.
    A technical indicator known as the relative strength index
rose to its most "overbought" level in over 10 months, however,
indicating a recent rally may be due to end.
    Latin America's key stock indexes at 2112 GMT:
 Stock indexes                                    % change
 MSCI LatAm                          3,925.10        -0.21
 Brazil Bovespa                     62,523.06        -1.25
 Mexico IPC                         44,562.33         0.43
 Chile IPSA                          4,397.91         0.94
 Chile IGPA                         21,462.16         0.82
 Argentina MerVal                    2,996.28          0.7
 Colombia IGBC                      14,844.66         0.15
 Peru IGRA                          21,221.45         0.48
 Venezuela IBC                     471,444.53            0
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below