September 30, 2016 / 3:57 AM / a year ago

UPDATE 1-EMERGING MARKETS-Colombia peso rises on OPEC plan, Mexico peso falls

(Updates with final prices, details of Mexico rate hike)
    By Bruno Federowski
    SAO PAULO, Sept 29 (Reuters) - The Colombian peso rose on
Thursday on optimism that OPEC's plan to cut oil output for the
first time in eight years could support crude prices, but the
Mexican peso fell in spite of an expected interest rate hike by
the central bank. 
    The Organization of the Petroleum Exporting Countries agreed
on Wednesday to cut output to 32.5 million-33.0 million barrels
per day (bpd) from around 33.5 million bpd, estimated by Reuters
to be the output level in August. 
    Colombia is highly dependent on oil as an export and source
of tax revenue. The peso slumped 25 percent last year as
crude prices fell to their lowest in over a decade.
    Mexico's peso fell after the central bank raised
its benchmark rate 50 basis points, hoping to stem risks that a
weak peso could fan inflation following a sell-off sparked by
fears Donald Trump could win the White House. 
    The rate hike was in line with the median forecast of a
Reuters poll of analysts earlier this week.
    Other Latin American markets were mixed on Thursday after
reacting to OPEC's decision the day before, when Colombia's
currency market was closed.
    Brazil's Bovespa stock index fell nearly 1.7
percent, weighed by shares of blue chips such as lender Itaú
Unibanco Holding SA and state-controlled oil company
Petróleo Brasileiro SA.
    Traders booked profits on shares of Petrobras, as
the company is known, after it posted on Wednesday its best
daily performance in almost four months.
    Key Latin American stock indexes and currencies at 0300 GMT:
 Stock indexes                                daily %    YTD %
                                               change   change
 MSCI Emerging Markets                913.39    -0.68    15.02
 MSCI LatAm                          2400.89    -0.48    31.21
 Brazil Bovespa                     58350.57    -1.69    34.60
 Mexico IPC                         47672.07    -0.78    10.92
 Chile IPSA                          4052.33    -0.29    10.11
 Chile IGPA                         20206.98    -0.26    11.32
 Argentina MerVal                   16743.43    -0.07    43.41
 Colombia IGBC                       9877.14    -0.43    15.79
 Venezuela IBC                      12730.55    -0.42   -12.73
 Currencies                                   daily %    YTD %
                                               change   change
 Brazil real                          3.2555    -1.05    21.24
 Mexico peso                         19.5175    -0.68   -11.72
 Chile peso                            657.7     0.57     7.91
 Colombia peso                          2894     0.62     9.51
 Peru sol                              3.393    -0.74     0.62
 Argentina peso (interbank)            15.36     0.10   -15.48
 Argentina peso (parallel)             15.69     0.13    -9.05
 (Reporting by Bruno Federowski; Editing by Meredith Mazzilli
and Tom Hogue)
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