February 13, 2013 / 4:11 PM / 5 years ago

EMERGING MARKETS-Brazil stocks slip, Mexico IPC off on America Movil

* Choppy trading following Carnival in Brazil
    * America Movil plunges, drags Mexico IPC 1.27 pct down
    * Brazil Bovespa falls 0.07 pct

    By Danielle Assalve
    SAO PAULO, Feb 13 (Reuters) - Brazilian stocks dropped
slightly in a shortened session on Wednesday, with the rollover
of expiring futures contracts fueling volatility after the
Carnival holiday.
    Mexican stocks also fell as shares of America Movil
, Latin America's biggest phone company, plunged after
weaker-than-expected earnings in the fourth quarter.    
    The Bovespa index fell 0.07 percent to 58,454, while
Mexico's IPC index dropped 1.27 percent to 44,301.
    Brazilian markets were closed Monday and Tuesday for the
Carnival holiday. "It's a day for adjustments. The market is
very focused on the expiration (of futures contracts and stock
options)," said Ariovaldo Santos, a manager at H.Commcor
    Shares of LLX Logistica SA, controlled by
Brazilian billionaire Eike Batista, led losses in the Bovespa
stock market with a drop of 4.46 percent, to 1.93 real. 
    The company reported on Friday that Subsea 7 SA, a
Luxembourg-based offshore engineering and construction company,
canceled a contract to rent space for a rigid underwater pipe
fabrication plant at a Brazilian port. 
    Shares of Vale, the world's largest iron ore
exporter and second-largest global mining firm, fell 0.98
percent to 37.38 reais. Shares of state-controlled oil company
Petroleo Brasileiro SA, known as Petrobras, rose 0.62
percent to 17.85 reais.
    In Mexico, America Movil, owned by Carlos Slim, the world's
richest man, late on Tuesday reported a profit of 14.962 billion
pesos ($1.2 billion), well below expectations for a profit of
24.131 billion pesos. Its shares dropped 9 percent, to 14.41
    Chile's IPSA index was up 0.43 percent. 
    Latin America's key stock indexes at 15:48 GMT:

 Stock indexes                               daily %      YTD %
                                Latest        change     change
 MSCI LatAm                      3,894.72       0.03       2.52
 Brazil Bovespa                 58,454.52      -0.07      -4.10
 Mexico IPC                     44,301.32      -1.27       1.36
 Chile IPSA                      4,615.43       0.43       7.30
 Chile IGPA                     22,386.27       0.35       6.25
 Argentina MerVal                3,291.69       0.35      15.32
 Colombia IGBC                  15,031.31       0.69       2.14
 Peru IGRA                      21,622.31      -0.03       4.81
 Venezuela IBC                 558,316.19      -1.52      18.43
0 : 0
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