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EMERGING MARKETS-Brazil stocks up; Cemig rallies on report of planned units sale
March 13, 2017 / 3:49 PM / 5 months ago

EMERGING MARKETS-Brazil stocks up; Cemig rallies on report of planned units sale

    By Bruno Federowski
    SAO PAULO, March 13 (Reuters) - Brazilian stocks rose on
Monday, with shares of power utility Cia Energética de Minas
Gerais SA among the biggest gainers after Reuters
reported plans to sell a majority stake in two main units.
    Preferred shares in Cemig, as the power firm is known, rose
as much as 6.3 percent following the report before paring gains
to around 4.5 percent.
    According to a person with direct knowledge of the plan, the
sale of transmission company Cemig GT and power distribution
firm Cemig D could help curb debt and reduce state interference.
The Brazilian state of Minas Gerais owns 17 percent of the
utility's capital and controls its management.
    Brazil's benchmark Bovespa stock index rose 0.8
percent, supported by rising shares of miner Vale SA
following a sharp increase in China-listed iron ore future
prices.
    The Brazilian real weakened slightly, while most
Latin American currencies seesawed. The Mexican peso
firmed 0.2 percent, while the Colombian peso fell 0.4
percent.
    Traders avoided making big bets ahead of a U.S. Federal
Reserve policy meeting this week. An interest rate increase is
seen as nearly a given, but investors will scrutinize the Fed's
policy statement for clues over the timing of further hikes.
    Higher U.S. rates could dampen the allure of high-yielding
emerging market assets.
    
    Key Latin American stock indexes and currencies at 1540 GMT:
 Stock indexes                               daily %    YTD %
                                              change   change
                                   Latest             
 MSCI Emerging Markets               938.13     1.29     7.41
 MSCI LatAm                         2555.89      0.6     8.54
 Brazil Bovespa                    65194.48      0.8     8.25
 Mexico IPC                        46996.15    -0.23     2.96
 Chile IPSA                         4503.51     0.64     8.48
 Chile IGPA                        22620.15     0.59     9.10
 Argentina MerVal                  19001.05     0.55    12.31
 Colombia IGBC                      9928.15     0.02    -1.97
 Venezuela IBC                     38707.99     0.42    22.09
                                                             
 Currencies                                  daily %    YTD %
                                              change   change
                                                      
                                     Latest           
 Brazil real                         3.1495    -0.25     3.17
 Mexico peso                        19.5655     0.18     6.02
 Chile peso                           666.4    -0.39     0.65
 Colombia peso                       2991.9    -0.41     0.32
 Peru sol                              3.29    -0.21     3.77
 Argentina peso (interbank)         15.4925    -0.08     2.47
                                                      
 Argentina peso (parallel)            16.04     0.00     4.86
                                                      
 

 (Reporting by Bruno Federowski; Editing by Jonathan Oatis)
  

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