EMERGING MARKETS-Latam currencies, markets rally on oil rebound, stimulus bets

viernes 22 de enero de 2016 19:09 GYT
 

(Adds closing prices, stock market figures)
    By Bruno Federowski
    SAO PAULO, Jan 22 (Reuters) - Latin American currencies and
stock markets rallied on Friday as a rebound in oil prices and
bets on new economic stimulus in the euro zone rekindled global
risk appetite.
    A cold snap across the United States and Europe raised
expectations of more demand for heating oil, lifting crude
prices from 12-year lows. Comments by European Central Bank
President Mario Draghi hinting at fresh stimulus also bolstered
investor sentiment.  
    The Mexican peso closed up 1.48 percent and the
Colombian peso strengthened by 0.3 percent. Both
countries are major oil producers.
    Shares in struggling Mexican construction firm ICA leapt by
nearly 62 percent, fueled by hopes the company may win some
additional work and could sell more assets, traders said.
    It was the biggest gain in nearly 17 years in ICA's shares,
which hit a record low of 1.89 pesos this week.
    The Brazilian real also got a lift from higher
commodity prices, advancing 1.32 percent after closing the
previous session at an all-time low. Traders remained cautious,
however, following an unexpected central bank decision on
Wednesday to leave interest rates stable. 
    "Although we do not believe today's relief will last, it
should be enough to end the week on a positive note," Guide
Investimentos analysts wrote in a client note.
    The Argentine peso underperformed, weakening 0.87
percent ahead of a meeting on Feb. 1 between government
officials and U.S. holdout creditors. President Mauricio Macri
said on Friday he hoped to reach a settlement early this year,
although negotiations have not progressed much. 
    However, Argentina's main stock index rose by more than five
percent, boosted by companies in the oil industry.
    
    Latin American stock indexes at 2230 GMT:
 Stock indexes           Latest       Daily pct      YTD pct
                                         change       change
 MSCI Emerging Markets       710.66        3.22       -10.51
                                                 
 MSCI LatAm                1,620.67        2.37       -11.43
                                                 
 Brazil Bovespa           38,031.22        0.83       -12.27
 Mexico IPC               41,621.31         1.1        -3.16
 Chile IPSA                3,531.56        1.64        -4.04
 Chile IGPA               17,491.10        1.45        -3.64
 Argentina MerVal         10,329.90        5.19       -11.52
                                                 
 Colombia IGBC             8,426.09        2.86        -1.42
 Venezuela IBC            14,434.02        -0.4        -1.06
 
 (Reporting by Bruno Federowski; Editing by Alan Crosby)