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Latin American Market Mostly Lower Today, Catching Up With Declines Elsewhere Yesterday

By: MT Newswires
Posted: 5/2/2013 12:01:00 PM
Referenced Stocks: ABV;BFR;PZE;TS

Latin American markets are mostly lower today, catching up on declines yesterday for U.S. equities while stock exchanges throughout the region were closed for the Labor Day holiday.

The steepest falls today are among Brazilian and Argentine stocks. The Ibovespa index tracking Brazilian stocks is down 1% - albeit showing some signs of paring losses - including 4% declines each for electric utility Light SA and ground shipper LLX Logistics and a 3.5% dip for Bradespar, the Brazilian industrial holding company.

The Merval Sao Index is down about 1.1%, pulled down by a 5.4% slide for Tenaris SA ( TS ) after the steel pipeline-maker late yesterday reported Q1 revenue that lagged forecasts. Petrobras Argentina SA ( PZE ), the Argentine affiliate of the Brazilian energy giant, also is down about 2.5% while BBVA Banco Franc ( BFR ) is leading financial shares south.

Here's where the regional markets stand today:

- Ibovespa was down 700.30. Now down 541.66 (-1%) to 55,368.7.

- IPC (Mexico City) was down 149.9. Now down 156.2 (-0.37%) to 42,107.2.

- Santiago Index IPSA up 8.99 (+0.2%) to 4,301.1.

- Merval Buenos Aires down 41.46 (-1.1%) to 3,804.48.

In other individual company news, ADRs of Companhia de Bebidas Das Americas, more commonly known as AmBev ( ABV ), are down more than 1% on the NYSE despite HSBC Securities today raising its rating for shares of the beverage company to Overweight from Neutral.