(Updates with final prices)
By Bruno Federowski
SAO PAULO, March 13 Brazilian stocks rose on
Monday, with shares of power utility Cia Energética de Minas
Gerais SA among the biggest gainers after Reuters
reported plans to sell a majority stake in two main units.
Preferred shares in Cemig, as the power firm is known, rose
as much as 6.3 percent following the report before paring gains
to close trading up 4.84 percent.
According to a person with direct knowledge of the plan, the
sale of transmission company Cemig GT and power distribution
firm Cemig D could help curb debt and reduce state interference.
The Brazilian state of Minas Gerais owns 17 percent of the
utility's capital and controls its management.
Brazil's benchmark Bovespa stock index rose 1.33
percent, supported by rising shares of miner Vale SA
following a sharp increase in China-listed iron ore future
The Brazilian real weakened slightly, while most
Latin American currencies seesawed. The Mexican peso
closed down by 0.08 percent against the dollar, while the
Colombian peso was flat.
Traders avoided making big bets ahead of a U.S. Federal
Reserve policy meeting this week. An interest rate increase is
seen as nearly a given, but investors will scrutinize the Fed's
policy statement for clues over the timing of further hikes.
Higher U.S. rates could dampen the allure of high-yielding
emerging market assets.
Key Latin American stock indexes and currencies at 2215 GMT:
Stock indexes Latest Daily YTD pct
MSCI Emerging Markets 938.50 1.33 8.84
MSCI LatAm 2,567.38 1.05 9.69
Brazil Bovespa 65,534.30 1.33 8.81
Mexico IPC 47,101.14 0.0 3.19
Chile IPSA 4,542.40 1.51 9.42
Chile IGPA 22,803.26 1.4 9.98
Argentina MerVal 19,188.25 1.54 13.42
Colombia IGBC 9,976.91 0.51 -1.49
Venezuela IBC 38,056.49 -1.27 20.03
Currencies Latest Daily YTD pct
Brazil real 3.1522 -0.28 3.08
Mexico peso 19.616 -0.08 5.75
Chile peso 666.7 -0.43 0.60
Colombia peso 2,984.9 0.00 0.56
Peru sol 3.285 -0.06 3.93
Argentina peso (interbank) 15.495 -0.15 2.45
Argentina peso (parallel) 16.02 -0.37 4.99
(Reporting by Bruno Federowski; Editing by Jonathan Oatis)