EMERGING MARKETS-Colombia peso jumps on OPEC plan to curb output
By Bruno Federowski SAO PAULO, Sept 29 (Reuters) - The Colombian peso jumped on Thursday on optimism that OPEC's plan to cut oil output for the first time in eight years could support crude prices. The Organization of the Petroleum Exporting Countries agreed on Wednesday to cut output to 32.5 million-33.0 million barrels per day (bpd) from around 33.5 million bpd, estimated by Reuters to be the output level in August. Colombia is highly dependent on oil as an export and source of tax revenue. The peso slumped 25 percent last year as crude prices fell to their lowest in over a decade. Other Latin American markets were mixed on Thursday after reacting to OPEC's decision the day before, when Colombia's currency market was closed. Brazil's Bovespa stock index fell 0.7 percent, weighed by shares of blue chips such as lender Itaú Unibanco Holding SA and state-controlled oil company Petróleo Brasileiro SA. Traders booked profits on shares of Petrobras, as the company is known, after it posted on Wednesday its best daily performance in almost four months. Losses were limited by rising shares of wood pulp companies after Fibria SA, Brazil's largest pulp producer, announced plans to raise its price per tonne by $20 for pulp sold on Asian markets. Shares of steelmaker Gerdau SA rose 0.8 percent after the government announced it will question U.S. trade barriers against Brazilian steel exports at the World Trade Organization (WTO). Key Latin American stock indexes and currencies at 1655 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 913.22 0.11 14.87 MSCI LatAm 2411.47 -0.04 31.84 Brazil Bovespa 58837.69 -0.87 35.73 Mexico IPC 47883.45 -0.34 11.42 Chile IPSA 4056.50 -0.18 10.22 Chile IGPA 20226.33 -0.17 11.43 Argentina MerVal 16907.02 0.9 44.81 Colombia IGBC 9907.16 -0.33 15.91 Venezuela IBC 12730.55 -0.42 -12.73 Currencies daily % YTD % change change Latest Brazil real 3.2312 -0.31 22.15 Mexico peso 19.4325 -0.24 -11.33 Chile peso 657.7 0.58 7.91 Colombia peso 2872.97 1.31 10.31 Peru sol 3.388 -0.47 0.77 Argentina peso (interbank) 15.3925 -0.02 -15.66 Argentina peso (parallel) 15.69 0.45 -9.05 (Reporting by Bruno Federowski; Editing by Meredith Mazzilli)
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