EMERGING MARKETS-Latam stocks track global markets higher; China boosts Vale

lunes 12 de mayo de 2014 14:52 GYT
 

SAO PAULO, May 12 (Reuters) - Latin American stocks tracked
global markets higher on Monday, with shares of iron-ore miner
Vale helping Brazil's Bovespa index post its biggest one-day
gain in nearly two weeks.
    The broader MSCI Latin American stock index 
erased the previous two sessions' losses. Currencies were mostly
flat, though the Chilean peso strengthened about 0.5
percent on the back of higher prices for copper, the country's
main export. 
    Investors latched onto a surge in global equity markets on
Monday, fueled by strong corporate earnings and optimism over
the global economic outlook. Brazilian stocks were also boosted
by the outlook for capital market reform in China, the country's
top trading partner and a key purchaser of Latin American
commodities exports including copper, soy and iron ore.
 
    Brazil's Bovespa stock index rose 1.5 percent as
preferred shares of Vale SA, which counts China as
its biggest customer, climbed 3.5 percent.
    Preferred shares of state-run oil producer Petroleo
Brasileiro SA rose 1.6 percent. The company known as
Petrobras posted a 30 percent drop in first quarter net income
compared with a year earlier, but the figure came slightly above
analysts' expectations.
    Shares of homebuilder Gafisa SA dropped their
most in nearly three weeks after the company posted a
wider-than-expected quarterly loss late Friday. 
    Elsewhere in Latin America, both Mexico's IPC index 
and Chile's IPSA index posted modest gains, in line with
markets abroad.
    In currency markets, the Brazilian real was
little-changed at 2.22 per dollar. Analysts say the real is
tracking within an informal band of between 2.2 and 2.25 per
dollar and will remain there for the foreseeable future barring
any major changes in the global economic outlook.
    Colombia's peso weakened about 0.5 percent after the
country's central bank released minutes late on Friday from its
most recent policy-setting meeting that raised interest rates to
3.5 percent. One member of the bank's monetary policy board
favored leaving the benchmark interest rate unchanged at 3.25
percent, the minutes showed. 
    "The policy minutes failed to provide further clarity in
terms of future policy direction, but recent comments by key
policymakers speak to a higher rate trajectory," wrote Oxford
Economics analyst Aryam Vazquez on Monday.

    Key Latin American stock indexes and currencies at 1831 GMT:
  
 Stock indexes                             daily %     YTD %
                               Latest       change    change
 MSCI Emerging Markets           1014.92      0.79      0.42
                                                    
 MSCI LatAm                       3375.3      1.34      4.06
                                                    
 Brazil Bovespa                 53922.62      1.55      4.69
                                                    
 Mexico IPC                     41911.98      0.65     -1.91
                                                    
 Chile IPSA                      3915.26      0.29      5.84
                                                    
 Chile IGPA                     19193.08      0.22      5.30
                                                    
 Argentina MerVal                6844.43     -0.03     26.96
                                                    
 Colombia IGBC                   13599.6      0.45      4.04
                                                    
 Peru IGRA                      16086.88      1.29      2.12
                                                    
 Venezuela IBC                    2289.5         0    -16.34
                                                    
                                                            
 Currencies                                daily %     YTD %
                                            change    change
                                  Latest            
 Brazil real                      2.2174     -0.11      6.29
                                                    
 Mexico peso                     12.9537     -0.08      0.59
                                                    
 Chile peso                        551.2      0.65     -4.55
                                                    
 Colombia peso                   1913.49     -0.51      0.97
 Peru sol                          2.786      0.11      0.25
                                                    
 Argentina peso (interbank)       8.0100     -0.06    -18.95
                                                    
 Argentina peso (parallel)         10.65      0.09     -6.10
                                                    
 
 (Editing by Cynthia Osterman)