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EMERGING MARKETS-Brazil, Mexico stocks rebound after tough week
2013年4月20日 / 凌晨12点27分 / 5 年前

EMERGING MARKETS-Brazil, Mexico stocks rebound after tough week

* Brazil interest rate outlook boosts homebuilders
    * America Movil profit weak, but shares pare steep losses
    * Brazil Bovespa gains 1.44 pct, Mexico IPC up 0.82 pct

    SAO PAULO, April 19 (Reuters) - Latin American stocks rose
on Friday, bouncing back at the end of a rough week that took
stocks in Brazil to their lowest in nine months and sent Mexican
stocks to their cheapest in a month.
    Mexico's IPC stock index rose 0.82 percent to
42,808.17 points, but the gauge still ended the week nearly 3
percent lower.
    Shares in conglomerate Alfa rose 3.4 percent even
after reporting on Thursday that first-quarter profit fell 17
percent, in line with expectations. 
    Billionaire Carlos Slim's America Movil lost more
than three percent after it reported a weaker quarterly profit
and Mexico's senate approved a bill to increase competition in
the country's phone and television markets, but the stock pared
losses to end down only 0.4 percent. 
    Traders said recent steep losses in America Movil may have
been overdone.
    "The reports are out, above all America Movil which was
expected to be bad. I think that it is the moment to buy," said
Gerardo Roman, head of stock trading at brokerage Actinver in
Mexico City. 
    Shares in Mexican homebuilder Homex soared 40
percent after it said it raised 4 billion pesos ($327.23
million) by selling a stake in some of its prisons to a bank and
a construction company owned by Slim. 
    Brazil's Bovespa rose 1.44 percent to 53,928.92, but
that still left it down nearly 2 percent since last week. 
    Stocks were hurt by the central bank's decision on Wednesday
to raise interest rates by 25 basis points, signaling the start
of a new cycle of higher borrowing costs even as the economy
struggles to recover from a slowdown.
    Some stocks were bouncing back on Friday as most economists
suggested the bank signaled a shorter and more gradual monetary
tightening cycle than many investors were expecting.
    "The question of interest rates is still key. For banks it's
not good that the rise was not bigger. For construction firms,
its the other way around," said Guilherme Sand, a partner with
Zenith Asset Management in Porto Alegre, Brazil.
    Banks usually benefit from a higher interest rate scenario,
in which they would gain more from holdings of
interest-rate-linked government debt and face decreasing
government pressure to reduce lending spreads.
    Homebuilders, on the other hand, benefit from the effect of
lower interest rates on mortgage prices and project financing.
    Shares of state-run Banco do Brasil SA dropped
0.86 percent, while homebuilder MRV Engenharia rose
4.8 percent after the company said first-quarter sales rose 34
percent from the same period in 2012.
    Latin America's key stock indexes at 0000 GMT:
 Stock indexes                    daily %  year-to-da
                      Latest       change        te %
 MSCI LatAm            3,701.16      1.45       -2.54
 Brazil Bovespa       53,928.92      1.44      -11.52
 Mexico IPC           42,808.17      0.82       -2.05
 Chile IPSA            4,305.75      0.62        0.10
 Chile IGPA           21,114.52       0.5        0.21
 Argentina MerVal      3,444.49      0.89       20.68
 Colombia IGBC        13,315.14      0.25        5.13
 Peru IGRA            17,904.84      0.26      -13.21
 Venezuela IBC       643,978.00      0.34       36.60

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