EMERGING MARKETS-Mexico peso sinks to record low, Colombia slumps

martes 9 de febrero de 2016 16:40 GYT
 

MEXICO CITY, Feb 9 (Reuters) - Mexico's peso fell to a
record low on Tuesday and Colombia's peso sank as a sharp drop
in oil prices and growing fears of a global slowdown pushed
investors to safe-haven currencies like the Japanese yen.
    Mexico's peso  shed more than 0.7 percent,
paring losses slightly after tumbling to a record low of 18.9350
per dollar, while Colombia's peso shed more than 0.8
percent as it trades near a record low.
    Oil prices fell 6 percent. Both Colombia and Mexico are
major crude producers, but Colombia is more dependent on oil
exports than Mexico, which ships mostly factory-made goods.
    Still, the drop in crude prices has dampened prospects for a
windfall of foreign direct investment into Mexico in the first
private oil fields that have gone up for auction under the
country's landmark energy reform.
    But analysts said the peso was also being hammered because
it is one of the most liquid global emerging market currencies,
making it a sure bet when global sentiment turns sour, as well
as a move by investors to hedge big positions in local
bonds. 
    The global forces moving against the peso have kept local
authorities from increasing their intervention efforts to
support the currency, which are currently limited to selling up
to $400 million a day in auctions when the peso sees big moves. 
    Mexican central bank Governor Agustin Carstens said on
Tuesday that the current levels of currency intervention are
"adequate." Late last month, Mexico extended its current regime
of auctions through the end of March. 
    Markets in Brazil were closed due to the Carnival holiday.
    Mexico's IPC index slid about 0.6 percent as shares
of billionaire Carlos Slim's America Movil shed 2.5 percent
ahead of the release of its fourth quarter earnings statement
later on Tuesday. 
    
 Latin American stock indexes and currencies at 2000 GMT:
    
 Stock indexes                       daily %    YTD %
                            Latest    change   change
 MSCI Emerging Markets       729.69     -0.6    -7.56
                                              
 MSCI LatAm                 1724.49    -0.45    -5.33
                                              
 Brazil Bovespa            40592.09    -0.56    -6.36
                                              
 Mexico IPC                42499.44    -0.64    -1.11
                                              
 Chile IPSA                 3652.15     0.02    -0.76
                                              
 Chile IGPA                17955.20    -0.04    -1.08
                                              
 Argentina MerVal          11400.34    -0.18    -2.35
                                              
 Colombia IGBC              8703.97     0.03     1.83
                                              
 Venezuela IBC             14372.64    -2.03    -1.48
                                              
                                                     
 Currencies                          daily %    YTD %
                                      change   change
                             Latest           
 Brazil real                 3.9028     0.00     1.13
                                              
 Mexico peso                18.8040    -0.85    -8.37
                                              
 Chile peso                   712.2    -0.37    -0.35
                                              
 Colombia peso              3392.57    -0.82    -6.58
                                              
 Peru sol                    3.5022    -0.23    -2.52
                                              
 Argentina peso             14.3600    -0.84    -9.59
 (interbank)                                  
                                              
 Argentina peso               14.21     0.35     0.42
 (parallel)                                   
                                              
                                                     
 
 (Reporting by Michael O'Boyle; Editing by Meredith Mazzilli)