September 17, 2013 / 10:24 PM / 4 years ago

EMERGING MARKETS-Brazil stocks up, Mexico flat; caution as Fed meets

* Brazil Bovespa up 0.84 pct, Mexico IPC rises 0.04 pct

    MEXICO CITY, Sept 17 (Reuters) - Brazilian stocks rose on
Tuesday, closing at their highest since late May, but the gains
were limited by cautious investors waiting to see what the U.S.
Federal Reserve will do with its monetary stimulus program.
    Mexico's IPC index was flat, while Chile's blue-chip
index was down 0.37 percent. 
    Investors across Latin America were unwilling to take big
positions in local stocks with the Fed beginning its policy
meeting on Tuesday and due to conclude on Wednesday.
    The Fed's decision on whether to cut back its $85
billion-a-month bond-buying program, and by how much, will be
central to the outlook for Latin American equities, which have
been supported by the increase in liquidity the program has
    Brazil's benchmark Bovespa stock index closed up 0.84
percent, led by the shares of oil producer OGX,
controlled by billionaire Eike Batista, which rose 5.26 percent.
    The shares of electricity generator Eneva SA,
formerly known as MPX Energia SA, rose 3.84 percent following a
report that company founder Batista is in talks to sell his
remaining stake in the company to Japanese trading house
Marubeni Corp and two pension funds. 
    Mexico's IPC index crept 0.04 percent higher, led by
the shares of miner and infrastructure company Grupo Mexico
, which rose 2.9 percent. Financial markets were
closed Monday for the country's Independence Day holiday.
    Chile's IPSA index fell 0.37 percent as the shares
of bank BCI dropped 2.59 percent.
    Latin America's key stock indexes at 2141 GMT:
 Stock indexes                            daily %  year-to-da
                       Latest              change        te %
 MSCI LatAm                  3,338.38        0.54       -12.1
 Brazil Bovespa             54,271.25        0.84      -10.96
 Mexico IPC                 41,137.67        0.04       -5.88
 Chile IPSA                  3,820.84       -0.37      -11.17
 Chile IGPA                 18,809.57       -0.32      -10.73
 Argentina MerVal            4,631.85       -0.33       62.28
 Colombia IGBC              14,060.97        0.51       11.02
 Peru IGRA                  16,196.93        -2.7      -21.49
 Venezuela IBC           1,602,065.94        3.51      239.83

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