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EMERGING MARKETS-Latam stocks drop on U.S. debt concerns
October 7, 2013 / 11:55 PM / 4 years ago

EMERGING MARKETS-Latam stocks drop on U.S. debt concerns

* Brazil shares drop 0.82 pct on thin volumes
    * Mexico stocks down 1.12 pct

    MEXICO CITY, Oct 7 (Reuters) - Latin American stocks
declined on Monday, tracking global markets on renewed concerns
about stalled fiscal talks in the United States.
    Brazil's benchmark stock index slipped 0.82 percent, as
shares of Brazilian oil producer OGX Petróleo e Gas
Participações SA fell 13 percent.
    The company is meeting with U.S. creditors in New York on
Monday in a bid to jump-start rescue talks while banks prepare 
to arrange an emergency loan if no deal is reached, sources with
knowledge of the situation told Reuters. 
    Mexico's IPC stock index fell 1.12 percent, its
biggest dip in a week, while Chile's bourse edged down
0.69 percent.
    Trading volumes remained low in the Brazilian bourse as
investors cautiously watched the standoff between Democrats and
Republicans over the U.S. debt ceiling. 
    U.S. House Speaker John Boehner vowed on Sunday not to raise
the debt ceiling without a "serious conversation" about what is
driving the debt, while Democrats said it was irresponsible and
reckless to raise the possibility of a U.S. default.
    "There was a glimmer of hope for some progress in the
weekend. But that didn't happen, and as Boehner closed the doors
for now, markets are on a waiting mode," said Gustavo Mendonca,
an economist with Saga Capital in Rio de Janeiro.
    Stocks of Mexico's phone company America Movil 
fell 1.27 percent, dragging most on the index, while Chilean
retailer Falabella weighed on Chile's main index by
dropping 1.57 percent.
    Latin America's key stock indexes at 2335 GMT:

 Stock indexes                    daily %    YTD %
                                   change   change
 MSCI LatAm             3,350.65    -0.34   -11.77
 Brazil Bovespa         52,417.1    -0.82   -14.00
 Mexico IPC             40,451.1    -1.12    -7.45
 Chile IPSA             3,812.86    -0.69   -11.36
 Chile IGPA             18,781.1     -0.5   -10.86
 Argentina MerVal       4,923.96     1.41    72.51
 Colombia IGBC          14,071.0     0.18    -4.38
 Peru IGRA              15,551.3     0.13   -24.62
 Venezuela IBC          1,754,45     0.38   272.15

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