By Bruno Federowski
SAO PAULO, Sept 29 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
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
Key Latin American stock indexes and currencies at 1655 GMT:
Stock indexes daily % YTD %
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 %
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)