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EMERGING MARKETS-Brazil stocks rise, led by Petrobras and Embraer
June 17, 2013 / 2:20 PM / 4 years ago

EMERGING MARKETS-Brazil stocks rise, led by Petrobras and Embraer

* Petrobras shares up on tax judgment, Africa unit deal
    * Embraer announces new orders for up to 365 jets
    * Brazil Bovespa up 1.08 pct, Mexico IPC up 0.23 pct

    By Asher Levine and Danielle Assalve
    SAO PAULO, June 17 (Reuters) - Brazilian stocks rose on
Monday, led by shares of state-run oil company Petrobras
 and aircraft maker Embraer SA, with
traders bargain hunting following a steep decline in the Bovespa
index on Friday.
    Paulo Esteves, chief analyst with brokerage Gradual
Corretora in Sao Paulo, said many stocks fell to prices last
seen in 2008 during the global financial crisis, "but now we are
very far from that situation and I see some space for a
    Brazil's benchmark Bovespa stock index rose 1.08
percent and Mexico's IPC index posted slight gains, while
Chile's bourse rallied for a third straight day.
    Shares of Petroleo Brasileiro SA, known as Petrobras, rose
2.33 percent after a Brazilian appeals court reversed itself on
Friday and suspended an order requiring the company to pay 7.39
billion reais ($3.44 billion) in back taxes. 
    Petrobras shares received another boost after Brazilian
investment bank BTG Pactual Group SA agreed to buy
50 percent of Petrobras' African operations. The $1.53 billion
deal will help finance Petrobras' $237 billion, five-year
investment plan, the world's largest corporate spending program.
    Embraer shares soared nearly 6 percent after the company
unveiled up to 365 potential orders for its revamped E-Jet
aircraft at the Paris Airshow, including a firm order for 100
E-175s from U.S. company SkyWest Inc. 
    Mexico's IPC index gained 0.23 percent as shares of
mining firm Grupo Mexico added 1.67 percent.
    The index has remained rangebound near 39,500 points for
four sessions.
    Chile's IPSA index crept higher, managing to break
resistance at 4,000 points.
    Shares of industrial conglomerate Copec rose 1.24
percent, contributing most to the index's gains.
    Latin America's key stock indexes at 13:37 GMT:
 Stock indexes                            daily %     YTD %
                                Latest     change    change
 MSCI LatAm                    3,304.40      0.65    -13.55
 Brazil Bovespa               49,865.38      1.08    -18.19
 Mexico IPC                   39,359.68      0.23     -9.94
 Chile IPSA                    4,007.41      0.43     -6.83
 Chile IGPA                   19,898.34      0.33     -5.56
 Argentina MerVal                  0.00         0   -100.00
 Colombia IGBC                13,153.67      0.07    -10.62
 Peru IGRA                    16,449.33      0.07    -20.26
 Venezuela IBC               878,996.06         0     86.45

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