April 16, 2013 / 11:01 PM / 5 years ago

EMERGING MARKETS-Latam stocks rise as bargain-hunters step in

* Stocks partly rebound from Monday's plunge
    * Commodities firms contribute most to gains
    * Brazil Bovespa rises 1.97 pct, Mexico IPC up 0.56 pct

    By Roberta Vilas Boas
    SAO PAULO, April 16 (Reuters) - Bargain-hunting drove Latin
American stocks higher on Tuesday, the day after weak economic
growth data from China thumped commodities prices and dragged
Mexican stocks to their biggest one-day drop in over a year and
a half. 
    Brazil's benchmark Bovespa stock index rose 1.97
percent, bouncing back from its lowest closing level since late
July, while Mexico's IPC index added 0.56 percent. 
    "Today is a recovery day following more positive indicators
in the U.S.," said Alvaro Bandeira, a partner at Orama
Investimentos in Rio de Janeiro.
    Shares of widely traded commodities firms contributed most
to the Bovespa's rise following a sell-off in the previous
session due to fears that slowing economic growth in China could
lead to weaker global demand for raw materials.
    China is Brazil's biggest trading partner and a key
purchaser of Latin American commodities exports such as
iron-ore, soy, copper and petroleum.
    State-run oil company Petroleo Brasileiro SA,
known as Petrobras, rose 2.73 percent, while iron-ore mining
firm Vale added 2.76 percent.
    Shares of homebuilder Gafisa SA fell 4.95 percent
after the company said late Monday that deliveries of new homes
plunged 79 percent in the first quarter from a year earlier.
    Mexico's IPC index rose for the first session in
three, adding 0.56 percent to 43,223.69 as shares of telecoms
giant America Movil, owned by Mexican billionaire
Carlos Slim, advanced 1.04 percent.
    Debt fears continued to weigh on homebuilders, however, with
shares of Geo falling more than 15 percent, and those
of competitor Urbi losing 13.69 percent.
    Shares in Homex, which said on Monday it was
looking at ways to boost its liquidity, fell 9.81 percent.
    Chile's IPSA index rose 0.71 percent to 4,260.97 as
shares of retailer Falabella added 3.0 percent.
    Latin America's key stock indexes at 2218 GMT:
 Stock indexes                               daily %  year-to-
                                 Latest       change    date %
 MSCI LatAm                     3,727.20         0.9     -1.86
 Brazil Bovespa                53,990.83        1.97    -11.42
 Mexico IPC                    43,223.69        0.56     -1.10
 Chile IPSA                     4,260.97        0.71     -0.94
 Chile IGPA                    20,970.05        0.52     -0.48
 Argentina MerVal               3,473.40        2.06     21.69
 Colombia IGBC                 13,387.20        1.18      5.70
 Peru IGRA                     18,487.57        0.28    -10.38
 Venezuela IBC                641,807.81           0     36.14

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