May 2, 2018 / 2:56 PM / 5 months ago

EMERGING MARKETS-Brazil's Bovespa falls almost 1.5 pct; major stocks weigh

    SAO PAULO, May 2 (Reuters) - Brazil's benchmark Bovespa
index fell almost 1.5 percent in morning trade on Wednesday, its
biggest intraday drop since-mid April, pressured by steep losses
among heavily weighted stocks during an otherwise quiet day
across Latin American markets.
    Traders consulted by Reuters in Sao Paulo and Rio de Janeiro
said they were keeping an eye on Brazil-listed companies that
have American Depository Shares. 
    Tuesday was a holiday in Brazil, but ADSs kept trading in
New York, where Brazilian companies posted significant losses
for disparate reasons. Among the biggest decliners, rental car
company Localiza Rent a Car SA tumbled 3.5 percent 
and state-run oil firm Petroleo Brasileiro SA slid
1.4 percent.
    Elsewhere, shares in Itaú Unibanco Holding SA and
Itau Investimentos Itau SA both dropped more than 3
percent, accounting for around a third of the Bovespa's drop.
Itaú Unibanco's reported first-quarter results Tuesday night,
saying it relied more on lower loan-loss expenses than on loan
growth to slightly beat analysts' average earnings estimate.

    Heavily weighted stock exchange operator B3 SA and Raia
Drogasil SA, Brazil's largest listed retailer of
over-the-counter drugs, also dropped dramatically after client
notes from BTG Pactual and JP Morgan.
    Raia Drogasil SA shares slumped 5 percent after
the note from JP Morgan analysts said the company was "likely to
be pressured by stepped-up competition with improved execution."
    As of the early afternoon, the Bovespa had fallen
1.46 percent, much more than other equities markets in the
region. 
    Mexico's IPC index had dropped 0.5 percent while
Chile's IPSA fell a modest 0.17 percent.
    
Key Latin American stock indexes and currencies at 1431 GMT:
    
 Stock indexes                           daily %     YTD %
                             Latest       change    change
 MSCI Emerging Markets         1152.42     -0.69      0.17
                                                  
 MSCI LatAm                    2913.02     -2.01      5.11
                                                  
 Brazil Bovespa               84861.85     -1.46     11.07
                                                  
 Mexico IPC                   48114.94      -0.5     -2.51
                                                  
 Chile IPSA                    5701.38     -0.17      2.46
                                                  
 Chile IGPA                   28663.19     -0.13      2.44
                                                  
 Argentina MerVal             30212.93      0.69      0.49
                                                  
 Colombia IGBC                12438.94       0.2      9.40
                                                  
 Venezuela IBC                22454.08      1.07   1677.64
                                                  
                                                          
 Currencies                              daily %     YTD %
                                          change    change
                                Latest            
 Brazil real                    3.5421     -0.99     -6.46
                                                  
 Mexico peso                   19.0800     -0.68      3.24
                                                  
 Chile peso                        618     -0.84     -0.54
                                                  
 Colombia peso                  2831.1     -1.08      5.33
 Peru sol                        3.263     -0.34     -0.80
                                                  
 Argentina peso                20.8700     -1.58    -10.88
 (interbank)                                      
                                                  
 Argentina peso                  20.85      0.14     -7.77
 (parallel)                                       
                                                  
 
 (Reporting by Paula Arend Laier and Gram Slattery; Editing by
David Gregorio)
  
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