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Latin American Markets Mixed; Brazilian Stocks Turn South After Central Bank Minutes Disappoint
3/14/2013 1:40:00 PM
By: MT Newswires
Latin American markets were mixed and still making strong movements late Thursday, with declines for bourses in Brazil and Chile while the Mexican and Argentine markets are holding on to small gains.
The Ibovespa Index tracking Brazilian stocks had looked like it was bouncing back from its session lows over the past hour, but it came under pressure again in late going after the nation's central bank said it will be cautious with its next policy steps because of lingering economic uncertainties, disappointing investors who expected a clear sign from the Banco Central do Brasil was ready for monetary tightening.
According to reports, minutes of the latest policy meeting by the central bank indicate it will be very cautious due to uncertain factors that could
lift already high inflation.
Mexico's IPC Index is up for the first time in three sessions, with shares of America Movil SAB de CV ( AMX ) up nearly 4% today following its three-day slide that reduced the value of the telecom services provider by 11.4%.
Here's where the regional markets stand today:
- Ibovespa was down 109.94. Now down 236.39 (-0.4%) to 57,149.51.
- IPC (Mexico City) was up 304.12. Now up 345.53 (+0.8%) to 43,620.
- Santiago Index IPSA down 17.40 (-0.39%) to 4,463.00
- Merval Buenos Aires up 9.18 (+0.27%) to 3,470.37.
In company news, U.S.-listed shares of GOL Linhas Areas Inteligentes are up about 0.5 today after reporting a 14% year over year rise in passenger revenue per available seat kilometer during February, its fourth consecutive double-digit monthly rise. The discount airline also said net yield rose 17% to around BRL0.25 ($0.12).