EMERGING MARKETS-Latam stocks rise ahead of U.S. elections

* U.S. voters go to the polls, Romney and Obama deadlocked

* Volume low as investors await a winner

* Brazil Bovespa gains 2.15 percent, Mexico IPC flat

By Danielle Assalve

SAO PAULO, Nov 6 (Reuters) - Latin American stocks rose on
Tuesday, supported by higher equities in Brazil, as investors
looked forward to the end of the drawn-out race for the U.S.
presidency.

The MSCI Latin American stock index rose
0.79 percent to a two-week high, the index's third rise in four
sessions.

Volumes were low and traders warned that the market could
take a hit in the coming days if there was no clear victor on
Tuesday evening. Recent polls show President Barack Obama and
Republican challenger Mitt Romney nearly deadlocked.

"The behavior of the stock market in the coming days will
largely depend on the U.S. election, particularly with respect
to whether we have a quick result," said Luiz Roberto Monteiro,
trader at brokerage Renaissance.

Brazil's benchmark Bovespa stock index rose 2.15
percent to 59,458.59, while volume totaled 6.3 billion Brazilian
reais ($3.10 billion), down from an average of 7.2 billion reais
seen this year.

A technical momentum indicator known as the MACD posted a
"bullish cross," suggesting the index could be about to start a
new rally. However, the indicator had flashed a similar signal
in October, but stocks then fell.

Hamilton Alves, an analyst at BB Investimentos, said a
post-election rally in stocks was likely.

"I see an upward bias from the American election. The
Bovespa is much cheaper relative to other exchanges in the world
and that allows room for a recovery," he said.

Concerns about an economic slowdown in Brazil, Latin
America's top economy, weighed on stocks earlier this year. The
Bovespa has gained less than 5 percent this year compared to a
more than 12 percent jump in Mexico's main index.

Billionaire Eike Batista's oil firm OGX jumped
6.16 percent, while steelmaker Usiminas climbed 6.82
percent and exchange operator BM&F Bovespa gained 4.7
percent.

Shares of phone company Telefonica Brasil rose
3.15 percent after the company reported its earnings.

"Today's session also has to do with corporate results,"
said Bruno Piagentini, an analyst with brokerage Coinvalores in
Sao Paulo. "Some companies are beating expectations but we are
still at the beginning and we'll see more this week and next,
which should really shake the market around a bit."

Mexico's benchmark IPC index traded flat at 41,720.
The index is trading near record highs, which has limited gains
and left stocks vulnerable to profit taking.

A 2 percent gain in shares of broadcaster Televisa
was offset by a 1.51 percent loss in WalMart de
Mexico.

Shares of Mexico's largest airline Grupo Aeromexico
fell 0.93 percent after the company said late
Monday that it would spend $9 billion for 60 new Boeing 737 MAX
aircraft, with an option for 30 more, as part of plan to
overhaul its fleet and use more fuel efficient planes.

Chile's IPSA index rose 0.33 percent, mostly on a
1.81 percent jump in shares of regional energy group Enersis
ahead of its earnings results.

Enersis and its generation unit Endesa Chile saw
third-quarter net profits tumble due to a continued drought in
Chile, which impacted production, as well as lower sales prices
and higher costs.

Latin America's key stock indexes at 2300 GMT:
Stock indexes daily % year-to

Latest change date %

change
MSCI LatAm 3,712.09 0.79 3.05

Brazil Bovespa 59,458.59 2.15 4.77

Mexico IPC 41,720.62 12.52

Chile IPSA 4,275.76 0.33 2.35

Chile IGPA 20,953.18 0.23 4.09

Argentina MerVal 2,394.85 -0.01 -2.75

Colombia IGBC 14,329.87 -0.34 13.14

Peru IGRA 20,935.86 -0.21 7.51

Venezuela IBC 355,633.09 -1.06 203.87

($1 = 2.0337 Brazilian reals)

(Additional reporting by Asher Levine; Editing by Phil
Berlowitz)