February 6, 2013 / 10:30 PM / in 5 years

EMERGING MARKETS-Brazil stocks fall as oil firms and banks slip

* Petrobras falls after analysts lower outlook on shares
    * Brazil Bovespa falls 0.83 pct, Mexico IPC down 0.26 pct

    By Danielle Assalve
    SAO PAULO, Feb 6 (Reuters) - Brazilian stocks fell for the
third straight session on Wednesday as oil companies and banks
    Brazil's benchmark Bovespa stock index lost 0.83
percent to close at 58,951.07 points. The index has now lost
more than 3 percent since the start of the year.
    "We see a lack of investor optimism," said Bruno Piagentini,
an analyst at Coinvalores brokerage. "There is an expectation of
a recovery in the Brazilian economy, but so far we have
effectively not seen it happening."
    Shares of state-controlled oil company Petroleo Brasileiro
SA, known as Petrobras, fell 2.65 percent,
contributing most to the index's decline, after Jefferies &
Company analysts cut their recommendation on the stock to "hold"
from "buy" and Société Générale reduced its price target on
Petrobras' American Depositary Receipts.
    Petrobras shares are down nearly 5 percent this week on
concerns over excessive debt and cost pressure at the company.
    Shares of Itaú Unibanco Holding SA, Brazil's
largest nongovernment bank, fell 2.08 percent as sellers took
advantage of Tuesday's 2.5 percent gain following the release of
fourth-quarter earnings to take profits on the shares.
    Itau Chief Executive Roberto Setubal told investors in a
conference call on Wednesday that he sees interest margins
growing at a "slow pace," and that he is confident bad-loan
provisions will stabilize this year. 
    Rival lenders Banco Bradesco SA and
state-controlled Banco do Brasil fell 1.65 percent
and 0.54 percent, respectively.
    Mexico's IPC index slipped for the second straight
session, losing 0.26 percent to 45,570.71 points.
    Troubled cement giant Cemex, which is set to
report its quarterly results on Thursday, rose 1.25 percent,
while broadcaster Grupo Televisa lost 1.14 percent.
    Chile's IPSA index added 0.34 percent to 4,596.83
points. Industrial conglomerate Copec fell 0.57
percent, while retailer Falabella added 0.63 percent.
    Latin America's key stock indexes at 2159 GMT:
 Stock indexes                                    % change
 MSCI LatAm                          3,911.35        -0.65
 Brazil Bovespa                     58,951.07        -0.83
 Mexico IPC                         45,570.71        -0.26
 Chile IPSA                          4,596.83         0.34
 Chile IGPA                         22,350.22         0.32
 Argentina MerVal                    3,290.01        -2.02
 Colombia IGBC                      15,171.53        -0.15
 Peru IGRA                          21,754.08         0.11
 Venezuela IBC                     565,386.19         4.36
0 : 0
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