April 16, 2019 / 9:28 PM / 4 months ago

EMERGING MARKETS-Latam stocks rise tracking global equities; FX weakens

 (Recasts, updates prices)
    By Agamoni Ghosh
    April 16 (Reuters) - Latin American stocks rose on Tuesday
in line with world stocks as positive data from China and
Germany boosted investor sentiment, while currencies in the
region slid against a firm dollar. 
    MSCI's index of Latin American stocks rose
0.8 percent after three-straight sessions of losses with shares
in Brazil leading gains. Volumes remained subdued on account of
a shortened trading week for the Easter holidays.
    World stocks hit a more than six-month high
on Friday as signs of stabilization in China's economy and
positive data from Germany buoyed sentiment.     
    Sao Paulo-traded stocks rose 1.5 percent with
oil-firm Petrobras providing the biggest boost to
the index.  
    Brazil's energy minister said Tuesday there would be no
change in the pricing policy of the state-owned oil firm after
the company called off a diesel price hike last week following a
call from the president to its chief executive.
    Shares of Vale SA registered their best day in
over two-months after a Brazilian state court authorized the
iron ore miner to resume operations at the Brucutu mine, its
largest in Minas Gerais state.
    Petrochemical company Braskem SA slid after an
appeals court in Alagoas state ruled the company's shareholders
cannot approve its planned payment of 2.7 billion reais ($697
million) in dividends.
    Investors also watched progress related to Brazil's pension
reform with leaders of the country's largest parties delaying an
expected vote to start discussion in parliament on the subject
to next week. 
    "This short delay is a way for the centrist parties to make
their voices heard, and may be a preview of the opposition to
come when the bill is debated in the special committee,"
analysts at Citi Research said in a note. 
    Mexican stocks rose 0.8 percent with Wal-Mart de
Mexico (Walmex), the country's largest retail chain,
among the biggest gainers, while the peso ended flat.   
    Argentina's peso snapped a six-day winning streak
after data showed consumer prices rose 4.7 percent in March,
accelerating from the previous month as stubborn inflation
pinched spending power.
    The rise marked the third consecutive month in which
inflation has accelerated, taking the year-to-date rise to 11.8
percent. That is a worrying sign for the peso, which lost almost
half its value against the dollar last year.
    Argentina's central bank said Tuesday it will freeze a
non-intervention trading band for its currency until the end of
the year. 
    Chile's peso fell marginally tracking a dip in the
price of copper, the country's top export, while stocks
on the IPSA index rose for the first time in five
sessions. 
    
    Key Latin American stock indexes and currencies at 2100 GMT
        
 Stock indexes                        daily %
                             Latest    change
 MSCI Emerging Markets       1093.55     0.67
                                      
 MSCI LatAm                  2767.85     0.83
                                      
 Brazil Bovespa             94333.31     1.34
                                      
 Mexico IPC                 45009.36     0.86
                                      
 Chile IPSA                  5261.00     0.55
                                      
 Argentina MerVal           32290.18     1.72
                                      
 Colombia IGBC              12956.04     0.29
                                      
                                             
 Currencies                           daily %
                                       change
                              Latest  
 Brazil real                  3.9031    -0.08
                                      
 Mexico peso                 18.8715     0.00
                                      
 Chile peso                    662.6    -0.05
                                      
 Colombia peso               3160.98     0.00
 Peru sol                      3.296    -0.06
                                      
 Argentina peso              42.3000    -1.56
 (interbank)                          
                                      
 

 (Reporting by Agamoni Ghosh and Susan Mathew in Bengaluru;
Editing by Tom Brown)
  
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