May 21, 2019 / 8:44 PM / 3 months ago

EMERGING MARKETS-Bovespa top gainer among Latam markets, FX firms

 (Recasts throughout; updates prices, adds quote from market
analyst)
    By Aaron Saldanha
    May 21 (Reuters) - A Latin American stocks benchmark rose on
Tuesday, boosted by strong gains in index heavyweight Brazil,
and the region's currencies firmed broadly against the dollar as
frosty U.S.-China ties marginally thawed.
    The United States late on Monday allowed Huawei Technologies
Co          to buy U.S.-made goods until Aug. 19 in order to
maintain existing telecoms networks and provide software updates
to its smartphones, which helped global risk appetite to tick
upward after being battered in the previous session.

    MSCI's index of Latin American stocks rose
2.5%, while its Latin American currencies index
gained 1%.
    Sao Paulo-traded stocks surged 2.7%, distancing
themselves further from an about 4-1/2-month low seen on Friday.
    Thiago Salomão, an analyst at Rico Investimentos, said there
was a buying opportunity among Brazilian stocks following last
week's 4.5% slide, adding the market on the day was building on
the previous session's gains. 
    State-run oil firm Petroleo Brasileiro SA (Petrobras) saw
its common shares and preferred shares
rise 2.2% and 3.1%, respectively, supported by higher oil prices
. 
    The Petrobras board approved an addendum to a
transfer-of-rights oil contract that will see it reimbursed to
the tune of $9.06 billion, although the deal is subject to
governmental agreement.
     CPFL Energia SA traded 3.1% higher. The utility
offered to buy the stake of China's State Grid            in its
renewables arm CPFL Renovaveis.
    Shares of miner Vale SA rose 1.7%, following a
gain in Dalian-traded iron ore futures earlier in the global
day.
    Brazil's currency jumped 1.1%, while yields on local
10-year bonds slid 17 basis points to 8.84%.
    Mexican stocks slid 0.7%, although the peso
firmed 0.3%.
    America Movil was trading 0.4% lower. El Salvador
said it rejected the telecoms giant's bid to buy Spanish rival
Telefonica's local unit on anti-trust grounds.

    Argentina stocks rose 2.7%, on course for its
highest closing level in more than two months, while the peso
 firmed. 
    Chilean equity markets were closed for a local holiday.
    Colombia's peso firmed 0.4% as it recovered from a
more than three-year low hit earlier in the session, while
stocks tacked on 0.8%. Strong oil prices set the stage
for Ecopetrol SA to rise 1.3%.

    Latin American stock indexes and currencies at 1937 GMT:
    
       Stock indexes          Latest    Daily %
                                         change
 MSCI Emerging Markets       994.08     0.53
                                        
 MSCI LatAm                  2,544.95   2.52
 Brazil Bovespa              94,424.29  2.7
 Mexico IPC                  43,232.90  -0.66
 Chile IPSA                     -       N/A
 Argentina MerVal            34,413.77  2.75
 Colombia IGBC               12,203.41  0.83
                                        
         Currencies           Latest    Daily %
                                         change
 Brazil real                 4.0528     1.27
 Mexico peso                 19.0138    0.24
 Chile peso                  694.61     0.21
 Colombia peso               3,339.05   0.33
 Peru sol                    3.34       0.21
 Argentina peso (interbank)  44.7800    0.98
                                        
 

 (Reporting by Aaron Saldanha in Bengaluru and Stefani Inouye in
São Paulo; editing by G Crosse)
  
Nuestros Estándares:Los principios Thomson Reuters
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