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EMERGING MARKETS-Latam stocks drop in emerging markets selloff
June 24, 2013 / 10:52 PM / 4 years ago

EMERGING MARKETS-Latam stocks drop in emerging markets selloff

* Emerging market shares reflect Fed outlook
    * Tighter China cash market sinks commodities shares
    * Brazil Bovespa falls 2.32 pct, Mexico IPC down 1.36 pct

    By Asher Levine
    SAO PAULO, June 24 (Reuters) - Latin American stocks dropped
on Monday as part of a wider selloff in emerging market shares
following the U.S. central bank's signal last week that it would
scale back its bond-buying program.
    Meanwhile, tighter financial conditions in China had a big
impact on Latin American commodities exporters whose iron ore,
soybeans, copper and petroleum fuel Chinese production.
     * Brazil's benchmark Bovespa stock index dropped
2.32 percent to close at 45,965.05, its lowest level in more
than four years.
     * Shares of mining firm Vale SA, which counts
China as its biggest customer, dropped 5.48 percent, its most in
more than two months, while state-run oil company Petroleo
Brasileiro SA, known as Petrobras, lost 3.34 percent.
    * Mexico's IPC index fell to its lowest level in
slightly more than a year, slipping 1.36 percent to 37,517.36.
    * Shares in Cemex, one of the world's biggest
cement companies, fell 2.59 percent, while retail giant Wal-Mart
de Mexico fell 2.17 percent, contributing most to
the index's losses. 
    * Chile's IPSA index fell for the fourth straight
session, closing at 3,802.19, its lowest level since October
2011, as shares of steel and mining company CAP fell
4.76 percent.
    
    Latin America's key stock indexes at 2223 GMT :
    
 Stock indexes                            daily %  year-to-da
                       Latest              change        te %
                                                       change
 MSCI LatAm                  2,968.23       -1.67      -21.84
                                                   
 Brazil Bovespa             45,965.05       -2.32      -24.59
                                                   
 Mexico IPC                 37,517.36       -1.36      -14.16
                                                   
 Chile IPSA                  3,802.19       -0.51      -11.61
                                                   
 Chile IGPA                 19,007.31       -0.81       -9.79
                                                   
 Argentina MerVal            3,021.16       -1.61        5.85
                                                   
 Colombia IGBC              12,548.86       -1.81       -0.92
                                                   
 Peru IGRA                  15,250.53       -2.43      -26.07
                                                   
 Venezuela IBC             972,606.00        1.87      106.31

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