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Latin American Markets Mostly Lower Today, Following Global Peers South For A Second Day

By: MT Newswires
Posted: 3/19/2013 1:00:00 PM
Referenced Stocks: HXM;VALE

Latin American markets are again mostly lower in late Tuesday trading, following the global markets south as the political and economic dispute in Cyprus continues over an unpopular tax proposal on bank savings.

The IPSA Index tracking Chilean stocks is the exception to today's downward trend, climbing about 0.5% on the strength of several gold mining stocks, supported by the precious metal maintaining its perch above $1,600 per ounce.

Shares of industrial-metal miners are lower today, however, giving back gains from Monday's session that preceded expiration yesterday of options underlying shares of Brazilian iron-ore miner Vale SA ( VALE ) and other firms. At last look, VALE was off about 2.6%.

The Mexican IPC Index is down 1.3% today after closing yesterday for a holiday -with shares of homebuilders taking big hits today. U.S.-listed shares of Desarrolladora Homex SAB de CV ( HXM ) is down another 6.7% and has hit fresh year lows in Tuesday trading, topping yesterday's 5.6% decline that followed analysts at Goldman Sach cutting their rating to Sell from Hold.

Here's where the regional markets stand today:

- Ibovespa was down 660.97 pts. Now down 594.86 (-1%) to 56,378.10.

- IPC (Mexico City) was down 582.67. Now down 535.20 (-1.3%) to 42,063.

- Santiago Index IPSA up 19.43 (+0.41%) to 4,425.89.

- Merval Buenos Aires down 55.81 (-1.61%) to 3,390.74