EMERGING MARKETS-Latam stocks up on US jobs, Petrobras offering

* Better-than-forecast US jobs data boosts Latam markets

* Brazil stocks lag as strong GDP triggers rate fears

* Petrobras jumps 4.35 pct on massive stock offering plan

(Updates to close)

By Walter Brandimarte

NEW YORK, Sept 3 (Reuters) - Latin American stocks closed higher on Friday on better-than-expected U.S. jobs data and a surge in shares of Petrobras.

The Brazilian state-owned oil company jumped more than 4 percent in value after it launched a massive stock offering. Still, the benchmark Bovespa index lagged the region and closed down as Brazil's surprisingly strong second-quarter GDP growth stoked fears of higher interest rates.

Chilean stocks recorded intraday highs as commodity prices jumped, improving the economic outlook of the copper-exporting country.

"The (U.S.) jobs data was the big variable this week, and since it came out positive, I think it encouraged and relieved investors, and so we've seen a fairly strong local market," said Paulina Barahona, an analyst with Cruz del Sur brokerage in Santiago.

The MSCI stock index for Latin America .MILA00000PUS gained 0.9 percent. The index reached its highest intraday levels in about four months.

But Brazil's Bovespa index .BVSP slipped 0.19 percent, as investors got out of many companies so that they could buy shares of Petrobras. One of the day's biggest drops came from oil and gas company OGX (OGXP3.SA), which slumped 5.67 percent.

Preferred shares of Petrobras (PETR4.SA) closed up 4.35 percent.

Earlier in the day, the company announced details of a plan to to sell up to $64.5 billion in new shares, removing part of the uncertainty that had dragged on its stock price during the past few months. For details, see [ID:nN03214360].

Fears of further monetary tightening ahead also weighed on the Bovespa index, after a government report showed the economy grew 8.8 percent year-on-year in the second quarter, above forecasts for an 8 percent expansion.

Compared to the first quarter, the Brazilian economy grew 1.2 percent, more than the 0.7 percent expected by economists.[ID:nN03239813]

"Strong activity shows that the probability of a new cycle of interest rate hikes next year is higher," said Marianna Costa, an economist with Link Investimentos.

In an apparent bid to calm down investors, Brazil's central bank president Henrique Meirelles said the monetary authority is "totally comfortable" with the pace of economic growth.

The central bank now expects the Brazilian economy to grow about 0.7 percent on average in the third and fourth quarters of the year, Meirelles told reporters. [ID:nN03120030]

In Mexico, the IPC stock index .MXX climbed 0.54 percent to 32,592.87, its highest close since Aug. 10.

Shares of Wal-Mart Mexico (WALMEXV.MX) rose 0.74 percent and accounted for the largest gain in the index.

A report showing U.S. payrolls fell less than expected in August eased concerns about a double-dip recession and greatly benefited Mexico, whose economy is closely tied to the United States.

Traders in Mexico City said gains moderated, however, after a second report showed the U.S. non-manufacturing sector grew less than expected in August, slowing down from the previous month.

The Chilean blue-chip IPSA index .IPSA gained 0.66 percent to a new record-high close, boosted by shares of retailers such as Falabella FAL.SN, up 1.92 percent, and Cencosud CEN.SN, 2.28 percent higher.

(Additional reporting by Alvaro Tapia in Santiago, Silvio Cascione and Luciana Lopez in Sao Paulo) (walter.brandimarte@thomsonreuters.com; +1 646 223-6319; Messaging: walter.brandimarte.thomsonreuters.com@reuters.net; Editing by Andrew Hay))