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EMERGING MARKETS-Brazil stocks soar on Chinese import data, Petrobras find
August 8, 2013 / 10:35 PM / 4 years ago

EMERGING MARKETS-Brazil stocks soar on Chinese import data, Petrobras find

* China imports record amount of iron ore in July
    * Petrobras reports offshore discovery in Santos basin
    * Brazil Bovespa up 3.12 pct, Mexico IPC up 1.1 pct

    By Luc Cohen
    MEXICO CITY, Aug 8 (Reuters) - Brazilian stocks rallied on
Thursday on strong Chinese iron ore import data and news of an
oil discovery by state-run Petrobras, while Mexican stock rose
to a more than three-month high.
    Brazilian stocks have bounced back about 8 percent from a
more than four-year low in early July while Mexican stocks are
climbing back toward a record high hit in January.    
    * The Bovespa gained 3.12 percent, its largest
single-day jump in five months, to close at 48,928.82 points.
    * Commodities exporters drove the rise, after customs data
from China, Brazil's largest trading partner, released Thursday
showed a surge in iron ore imports to a record high in July,
surprising many analysts. 
    * Share prices of iron-ore extractor Vale rose
2.99 percent to their highest level in more than two months,
leading gains. 
    * Oil giant Petroleo Brasileiro, known as Petrobras
 rose 2.46 percent after it announced an offshore oil
find late Wednesday. 
    * Mexico's IPC index rose 1.1 percent to close at 42,712.05
points, its highest level since late April, driven by investor
confidence that upcoming energy and fiscal reforms would improve
the national economy.
    * "In the medium term the reforms are very positive because
they will make the country more competitive," said Jose
Rodriguez, director of analysis at brokerage Finamex. "The
government's master plan is to generate economic growth, which
will in turn increase demand and the quality of services." 
    * A 1.59 percent rise in share prices of telecommunications
giant America Movil, controlled by billionaire Carlos
Slim, led gains. 
    * Strong performances by chemical company Mexichem
 and conglomerate Alfa, which stand to
gain from energy reform, also boosted the index.
    * After dropping to its lowest level in nearly two years in
the previous session, Chile's IPSA index snapped a four-session
losing streak, gaining 2.03 percent to close at 3,671.30 points.
    * A 2.1 percent rise in shares of retail giant Falabella
 led gains. 
    Latin America's key stock indexes at 2053 GMT:
 Stock indexes                               daily %     YTD %
                                   Latest     change    change
 MSCI LatAm                       3,232.69      2.43    -14.88
 Brazil Bovespa                  48,928.82      3.12    -19.73
 Mexico IPC                      42,712.05       1.1     -2.27
 Chile IPSA                       3,740.59      2.03    -13.04
 Chile IGPA                      18,462.69      1.56    -12.38
 Argentina MerVal                 3,582.23      1.01     25.50
 Colombia IGBC                   13,778.74     -0.19     -6.37
 Peru IGRA                       15,226.93      0.96    -26.19

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