February 6, 2018 / 11:37 PM / 9 months ago

EMERGING MARKETS-LatAm stocks mostly shrug off global stock volatility

    By Bruno Federowski
    MEXICO CITY, Feb 6 (Reuters) - Latin American stocks mostly
shrugged off worldwide market volatility on Tuesday, supported
by expectations of strengthening global economic growth.
    Wall Street indexes repeatedly swung from positive to
negative territory during the session, recovering from the
biggest one-day declines in the Dow and S&P 500 in more than six
years.
    Emerging markets stocks are so far weathering the storm and
Latin American observers were cautiously optimistic.

    "This crash, in my view, is not essentially bullish USD,"
Santander Brasil director Sandro Sobral wrote in a client note.
"Let's see if panic comes. In this case, we're going to use this
move to take risk in Brazil."
    Brazil's benchmark Bovespa stock index rose 2.48
percent on Tuesday, as shares of private bank Itaú Unibanco
Holding SA jumped after it forecast strong results 
and said it was raising its dividend.
    Shares of other banks, such as Banco do Brasil SA
and Banco Bradesco SA, followed along.

    Most other stock indexes in the region seesawed, with
Argentina's Merval up after losing over 10 percent in
the prior two trading days.
    Mexico's S&P/BMV IPC index, tumbled 2.16 percent,
adjusting to the recent selloff following a local holiday on
Monday.

    Latin American stock indexes at 2230 GMT:
 Stock indexes                 Latest      Daily     YTD
                                             pct     pct
                                          change  change
 MSCI Emerging Markets          1,176.18   -2.74    1.53
                                                  
 MSCI LatAm                     3,078.92    0.32    8.87
 Brazil Bovespa                83,894.04    2.48    9.81
 Mexico IPC                    49,304.94   -2.16   -0.10
 Chile IPSA                     5,697.28    -0.6    2.38
 Chile IGPA                    28,720.16    -0.6    2.64
 Argentina MerVal              31,624.18    1.54    5.18
 Colombia IGBC                 11,760.91    0.36    3.43
 Venezuela IBC                  3,082.30    1.93  144.02
 
 (Reporting by Bruno Federowski; editing by Grant McCool)
  
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