EMERGING MARKETS-Latam markets drop as Wall St sells off for 2nd day
RIO DE JANEIRO, April 11 (Reuters) - Latin American stocks and currencies mostly dropped on Friday as a second consecutive day of losses on Wall Street hurt investors' appetite for risk globally. MSCI's benchmark index for Latin American stocks slid 0.15 percent with Mexico leading losses in the region. Mexico's IPC index fell 1 percent to its weakest level since the beginning of the month. Mexican and U.S. markets usually have a larger correlation as the Mexican economy greatly relies on the consumer market of its northern neighbor. The decline also followed data showing Mexico's industrial production rose less than forecast in February, although economists said they expect economic activity to gain speed in coming months. Brazilian stocks outperformed their peers, however, as investors appeared unwilling to sell after three consecutive down sessions. The benchmark Bovespa index gained 1.35 percent in the afternoon after sliding more than 1 percent earlier. "The market here remains resilient," said Luis Gustavo Pereira, an analyst with Guide Investimentos in Brazil, adding that foreign investors continued to buy domestic stocks. During the first nine days of April, foreign investors purchased a net 1.9 billion reais ($860 million) worth of Brazilian shares, according to data from Brazil's BM&FBovespa exchange. Brazil's real was little changed as investors' aversion to risk was offset by the central bank's continuous intervention in the foreign exchange market. Besides offering its daily allotment of currency swaps, derivatives designed to support the real, the central bank has been rolling over some $8.7 billion worth of swaps expiring early next month. Chile's peso dropped about 1 percent as local players demanded dollars to settle expiring forward contracts. Key Latin American stock indexes and currencies at 1825 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 1014.07 -0.75 1.9 MSCI LatAm 3271.29 -0.14 2.35 Brazil Bovespa 51819.85 1.35 0.61 Mexico IPC 40052 -0.98 -6.26 Chile IPSA 3857.44 0.09 4.28 Chile IGPA 18891.67 0.08 3.65 Argentina MerVal 6439.28 -0.9 19.44 Colombia IGBC 13784.33 -0.21 5.46 Peru IGRA 14744.88 -0.11 -6.40 Venezuela IBC 2504.8 -0.6 -8.47 Currencies daily % YTD % change change Latest Brazil real 2.2128 -0.47 6.51 Mexico peso 13.0463 0.15 -0.12 Chile peso 549 -0.93 -4.17 Colombia peso 1927.33 -0.51 0.24 Peru sol 2.782 -0.04 0.40 Argentina peso 8.0000 0.03 -18.84 (interbank) Argentina peso 10.37 0.00 -3.57 (parallel) (Reporting by Walter Brandimarte and Priscila Jordao; Editing by Tom Brown)
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