SAO PAULO, Nov 13 (Reuters) - Stocks in Brazil rose onWednesday, bouncing back from their lowest in more thantwo-months, while stocks in Mexico climbed back from an 11-weeklow.
The region's equities could post additions gains in comingsessions as analysts pointed to favorable chart formations aswell bets that the U.S. Federal Reserve may not move swiftly tocurb its stimulus program
That view on the Fed was backed by the release of the textof a speech from Janet Yellen, who is set to take over as chiefof the U.S. Federal Reserve, after the markets closed.
In the prepared remarks for her Senate confirmation hearingon Thursday, Yellen said the U.S. central bank has "more work todo" to help an economy, suggesting that the Fed may not movequickly to scale back its bond purchases that have supporteddemand for riskier assets around the globe.
* Brazil's benchmark Bovespa stock index added 0.82percent to 52,230.29 points. Before Wednesday's gains, the indexhad slumped back nearly 5 percent from a high in October.
* Francisco Caudillo, a chart analyst at brokerage Monex inMexico City, said the Bovespa had bounced back from an importantsupport and was set to rally into year-end, returning to anuptrend seen since July.
* Investors in Brazil were encouraged by a pledge foreconomic reform by policymakers in China, the country's toptrade partner. China is a key purchaser of Latin Americancommodities exports such as iron ore, soy, copper and petroleum.
* Shares in state-run oil firm Petrobras rose1.99 percent.
* Shares of airline Gol plunged 4.71 percentafter it posted a seventh straight quarterly loss and forecastno rebound in the domestic market next year.
* Shares of telecommunications firm Grupo Oi rose2.45 percent after the company beat profit forecasts onWednesday and pledged lower capital spending next year in aneffort to cut debt.
* Mexico's IPC index rose 0.43 percent after fallingin the previous seven sessions.
* The index bounced back after losing nearly two-thirds of arally seen from June to August. The same level, around 38,200,held up in late August and Monex's Caudillo said the IPC couldgain back 10 percent by year end.
* Shares of industrial conglomerate Alfa rose4.24 percent and bank Banorte added 2.74 percent.
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