Latin American markets are mostly lower late Thursday, falling
with a slide for energy stocks, including a 2% decline for the ADRs
of Brazilian state-owned energy giant, Petroleo Brasileiro SA (
), also known as PetroBras.
PBR shares have been under pressure today after the company
disclosed last night it will borrow $20 bln this year - exceeding
its 5-year average by 63%, according to a Reuters analysis - as
revenue remains flat and fuel subsidies increase the need for debt
to fund its investments.
Argentina's Merval Buenos Aires Index is running counter to its
regional peers, scratching out a 0.2% advance this afternoon and
snapping a three-day retreat. A 3% gain for Telecom Argentina SA (
) in local trade is contributing the most to today's advance.
U.S.-listed shares of the mobile communications company are up a
more modest 1.0% this afternoon.
Other Merval advancers today include Tenairis SA (TS.BA, TS),
with the steel-maker and rival Ternium Siderar SA (ERAR.BA, TX)
both up today. TS ADRs have climbed 0.8% while TX ADRs are off 1.3%
Here's where the regional markets stand today:
- Ibovespa down 831.23 a short while ago. Now down 857.5 (-1.5%)
- IPC (Mexico City) down 104.35 (-0.2%) to 44,289.7.
- Santiago Index IPSA down 8.04 (-0.18%) to 4,345.34.
- Merval Buenos Aires up 12.86 (+0.37%) to 3,475.59.
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