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Latin American Markets Mixed; Some Late Profit-Taking Hits Brazil's Ipovespa

Posted
3/22/2013 1:11:00 PM
By: MT Newswires
Referenced Stocks:AMX;BBVA

Latin American markets are mixed in late trading Friday, with Brazil and Argentina easing a bit more and Mexico losing some gains. The market had been buoyed earlier by reports that a compromise on bailout terms could yet be reached in Cyprus.

Prior to late profit-taking, Brazil's Ibovespa index was seeing its first gains since Monday, led by shares of home-building companies after Cyrela Commercial Properties SA Empreendimentos e Participacoes forecast improved results in a regulatory filing yesterday.

Also, Mexico's America Movil ( AMX ) is extending its rebound, climbing another 3% today, helping lift the IPC Index moderately higher.

AMX, the large telecommunications company controlled by Carlos Slim, is climbing after Mexico's lower house of Congress approved a sweeping reform package earlier today. The measure opens new competition in several parts of the Mexican telecommunications industry, with some investors seeing AMX taking advantage by quickly moving into the television market.

Here's where the regional markets stand today:

- Ibovespa was down 1.97 points a short while ago. Now down 13 points (-0.02%) to 55,563.80.

- IPC (Mexico City) was up 67.61. Now up 24.45 (+0.06%) to 42,553.59.

- Santiago Index IPSA up 14.57 (+0.33%) to 4,464.92.

- Merval Buenos Aires was down 19.54. Now down 22.51 (-0.6%) to 3,467.5.

In other company news, ADS of Banco Bilbao Vizcaya Argentaria, S.A. ( BBVA ) are up about 0.5% to $9.50 apiece with the Spanish bank today announcing plans to invest $3.5 bln in Mexico by 2016. BBVA is the country's largest bank by assets.