Back to Main

Latin American Mostly Lower Today; Brazil's Ibovespa Seen Fighting Resistance Nearing 52-Week High

By: MT Newswires
Posted: 1/22/2013 1:31:00 PM
Referenced Stocks: DIS;TV

Latin American markets are mostly lower in late trading today, with Brazil's Ibovespa index falling for a third day, albeit off Tuesday's session lows. Against that, the Merval Buenos Aires index for Argentina stocks is up more than 1.5%.

Some market participants were telling Reuters that technical issues have been a factor in the Ibovespa's recent move, with the market gauge bouncing off intermediate resistance near the 62,000 mark and seeing even stronger resistance as it nears its high for the year at 62,470.

Here's where the regional markets stand today:

- Ibovespa was down 214.17 a short while ago. Now down 187 points (-0.3%) to 61,712.5.

- IPC (Mexico City) was down 6.6. Now down 19.2 (-0.04%) to 45,204.6.

- Santiago Index IPSA down 3 (-0.1%) to 3,900.

- Merval Buenos Aires up 55.9 (+1.7%) to 3,306.3.

In company news, Grupo Televisa S.A.B. ( TV ) ADRs have hit 52 week highs in U.S. trade this afternoon after the Mexican broadcaster said it plans to increase its sports coverage this year as well as working to develop an English-language channel with privately held Univision and Disney's ( DIS ) ABC News.