EMERGING MARKETS-Falling commodity prices hurt Chilean peso, Vale shares

miércoles 14 de enero de 2015 10:47 GYT

RIO DE JANEIRO, Jan 14 (Reuters) - Plunging oil and metal
prices on Wednesday hurt the currencies of commodity-exporting
countries in Latin America, as well as shares of Brazilian miner
Vale and state-run oil company Petrobras.
    Chile's peso slumped 1.1 percent as prices of copper
, the country's main export product, slumped more than 8
percent at one point to their lowest level since July 2009.
    The Colombian peso was also pressured by another drop
in the price of oil, Colombia's biggest export and a main growth
driver in the country's $380 billion economy.
    "Although lower oil prices have a positive impact on global
growth, their abrupt fall causes losses to producing countries,
companies in the (commodities) sector, and banks exposed to
those players," Itau chief economist Ilan Goldfajn wrote in a
research note.
    Shares of Vale SA, the world's largest iron ore
producer, fell more than 4 percent, weighing the most on
Brazil's benchmark Bovespa index, which posted losses of
0.5 percent.
    Shares of Petroleo Brasileiro SA dropped more
than 2 percent, also hurt by news that police arrested another
former executive of the state-run oil company in connection to a
growing corruption scandal. 
    Brazilian planemaker Embraer also suffered after
it said it burned cash in 2014 as some clients extended payment
due dates. Its shares fell more than 5 percent in early trade to
an 11-week low. 
    Bucking the trend in Latin American currency markets, the
Brazilian real gained 0.3 percent as investors remained
optimistic about government efforts to cut expenses this year.
    Key Latin American stock indexes and currencies at 1425 GMT:
 Stock indexes                   daily %    YTD %
                                  change   change
 MSCI Emerging           955.33    -0.48     0.37
 MSCI LatAm             2637.44    -0.04    -3.27
 Brazil Bovespa        47962.99    -0.16    -4.09
 Mexico IPC                   0        0  -100.00
 Chile IPSA             3770.32    -0.43    -2.09
 Chile IGPA            18544.53    -0.35    -1.73
 Argentina MerVal       8172.36    -0.65    -4.74
 Colombia IGBC         10782.76        0    -7.32
 Peru IGRA             14017.29    -0.01    -5.25
 Venezuela IBC           3928.7        0     1.81
 Currencies                      daily %    YTD %
                                  change   change
 Brazil real             2.6249     0.42     1.24
 Mexico peso            14.6315    -0.11     0.77
 Chile peso               626.3    -1.13    -3.18
 Colombia peso           2442.2    -0.02    -2.22
 Peru sol                  2.99    -0.17    -0.37
 Argentina peso          8.5900     0.03    -0.47
 Argentina peso           13.55     1.11     3.32
 (Reporting by Walter Brandimarte; Editing by Paul Simao)