* 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 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)
Trending On Reuters
Uber vs Ola
A flurry of complaints from Uber drivers about an unusually high number of cancelled bookings was the spark that ignited a bitter legal fight with Ola, Uber's rival for dominance of India's $12 billion taxi market, according to court documents and a source with direct knowledge of Uber's case. Article