June 4, 2013 / 11:56 PM / 5 years ago

EMERGING MARKETS-Grupo Oi boosts Brazil stocks; Mexico's IPC dips

* Shares of Grupo Oi rise after naming new CEO
    * Mexico's IPC down 0.84 pct, Brazil's Bovespa up 0.14 pct

    By Jean Arce
    MEXICO CITY, June 4 (Reuters) - Brazil's benchmark Bovespa
stock index edged up, helped by a jump in telecommunications
company Grupo Oi, while Mexico's stocks fell on Tuesday.
    Grupo Oi appointed former Portugal Telecom
 chief Zeinal Bava as its CEO, according to a filing on
Tuesday. The stock rose nearly 17 percent to 4.8 reais helping
the Bovespa to gain 0.14 percent to 54017 points. 
    The move reassured investors following the departure of
former CEO Francisco Valim in January.
    "The market's fear was that the company wouldn't be able to
put its expansion plan into effect, so this rise suggests (Bava)
may be able to get those plans implemented," said Marcelo
Varejao, an analyst with Corretora Socopa in Sao Paulo.
    Mexico's IPC index index fell 0.84 percent to 40,750
points, its second session fall after notching a 10-day high on
Friday. The index hit an over eight-month low in May.
    "The current trend is down since February...So when the
index rises to resistance levels, we take advantage of it to
sell," said Carlos Alonso, portfolio manager at brokerage
Interacciones in Mexico City.
    The index's dip deepened after Kansas City Fed President
Esther George, a steady critic of the central bank's stimulus
who has voted against it at every Fed meeting this year, again
urged the Fed to ease off its aggressive bond purchases.
    The bond program has boosted the appeal of risky emerging
markets assets to yield-hungry investors and speculation about
when tapering of the stimulus would begin has fueled recent
market volatility.
    Chile's IPSA index rose 0.76 percent to 4198 points,
as shares in retailer Falabella gained 0.79 percent. 
    Latin America's key stock indexes at 22:45 GMT:
 Stock indexes                    daily    YTD % change
                       Latest    change  
 MSCI LatAm            3,495.58    0.38           -7.96
 Brazil Bovespa        54,017.9    0.14          -11.38
 Mexico IPC            40,750.4   -0.84           -6.76
 Chile IPSA            4,198.82    0.76           -2.38
 Chile IGPA            20,695.4     0.6           -1.78
 Argentina MerVal      3,442.47   -1.24           20.61
 Colombia IGBC         13,445.2    0.70           -8.63
 Peru IGRA             16,063.2    0.58          -22.13
 Venezuela IBC         804,738.   -1.55           70.70
0 : 0
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