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EMERGING MARKETS-Brazil stocks slumps off 7-month high, Mexico falls
October 23, 2013 / 9:23 PM / 4 years ago

EMERGING MARKETS-Brazil stocks slumps off 7-month high, Mexico falls

MEXICO CITY, Oct 23 (Reuters) - Brazilian stocks fell back
from a seven-month high on Wednesday and Mexican stocks slipped
on concerns over tighter monetary policy in China, one of Latin
America's top trading partners.
    Brazilian stocks have bounced back from a four-year low in
July on bets that the worst of a slowdown in Brazil, Latin
America's biggest economy, was behind. Before Wednesday, the
country's main index was up more than 25 percent since July.
    In Mexico, the region's second biggest economy, stocks fell
off a record high early this year as growth slowed. Mexican
stocks have traded in an increasingly narrow range in recent
weeks. Most companies will report earnings later this week. 
    * Brazil's benchmark Bovespa stock index snapped a
three-day winning streak to drop 1.81 percent - the biggest
one-day percentage fall this month. On Tuesday, stocks had
closed right above a key resistance level.
    * A policy adviser to the People's Bank of China told
Reuters on Tuesday that the authority may tighten cash
conditions in the financial system to address inflation risks,
which could also sap economic growth in a key market for Latin
American iron ore, soybeans, oil and copper. 
    * Shares of iron-ore producer Vale SA shed 1.8
percent, while rival MMX Mineracao e Metalicos SA 
sank 4.17 percent.
    * Lender Banco Bradesco SA fell 2.03 percent
after JPMorgan Securities analysts lowered their recommendation
on the shares to "neutral" from "overweight," saying a recent
rally in the stock has made it less attractive. 
    * Brazil must take more decisive action to raise
productivity and boost private investment if it is to restore
robust growth to its once-booming economy, the International
Monetary Fund said on Wednesday in its annual economic
assessment of Brazil. 
    * Mexico's IPC index fell 0.64 percent as shares of
telecommunications firm America Movil, controlled by
billionaire Carlos Slim, slipped 1.01 percent. 
    * Mexico's biggest retailer, Wal-Mart de Mexico
, fell 0.65 percent. After market close, the company
reported  that third-quarter profit rose 0.74 percent from a
year earlier, helped by higher sales and new store openings.
    * Mexican supermarket chain Grupo Comercial Chedraui
 fell 0.73 percent, paring losses after it said its
third-quarter profit rose 2.5 percent, helped by new store

    Latin America's key stock indexes at 2100 GMT:
 Stock indexes                               daily %   YTD %
                                Latest        change  change
 MSCI LatAm                        3,452.83    -1.51   -9.08
 Brazil Bovespa                   55,440.03    -1.81   -9.04
 Mexico IPC                       40,552.59    -0.64   -7.21
 Chile IPSA                        3,930.06      0.9   -8.63
 Chile IGPA                       19,297.81      0.7   -8.41
 Argentina MerVal                  5,363.47     -4.5   87.91
 Colombia IGBC                    14,274.76    -0.27   -3.00
 Peru IGRA                        16,197.65    -0.54  -21.48
 Venezuela IBC                 2,012,806.06     1.11  326.95

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