* Brazil Bovespa loses 0.24 pct, Mexico IPC flat
SAO PAULO, Nov 1 (Reuters) - Brazil's Bovespa stock index
dropped for the third session in four on Friday, with shares of
oil producer Petrobras surrendering the previous session's gains
as investors took profits.
Mexico's IPC index was little changed, while Chile's
bourse was closed for a local holiday.
Brazil's benchmark Bovespa stock index lost 0.24
percent to 54,125.13, a level it has not closed below in three
weeks. Still, the index is on track to end the week nearly
unchanged from last Friday's close.
Shares of state-run oil company Petroleo Brasileiro SA
, known as Petrobras, fell 1.9 percent, contributing
most to the index's losses, after having rallied on Thursday by
Even with Friday's pullback, Petrobras shares are on track
to post a weekly gain of about 8.6 percent, their best weekly
performance in nearly eight months, after the company put
forward a new gasoline pricing model that could help boost its
"Petrobras is going through some very positive times...so
we're seeing a bit of profit-taking," said Ariovaldo Santos, a
trader with H.Commcor in Sao Paulo.
Friday also marked the Bovespa index's first session after
the removal of oil producer OGX Petroleo e Gas Participacoes SA
, which filed for bankruptcy protection on Wednesday.
"Many people anticipated OGX's exclusion from the index and
began rebalancing their portfolios, helping Petrobras shares
rise yesterday and the day before," Santos added.
Shares of steelmaker Gerdau SA rallied for a
third straight day, adding 3.2 percent and helping support the
index. Gerdau shares are up 9.5 percent this week, their best
weekly performance in two years, after the company reported
better than expected third-quarter earnings.
Mexico's IPC index was little changed from Thursday's
close, with a 1 percent rise in shares of mining firm Grupo
Mexico offsetting a 3 percent decline in lender
Grupo Financiero Inbursa.
Latin America's key stock indexes at 1351 GMT:
Stock indexes daily % YTD %
Latest change change
MSCI LatAm 3,420.09 -0.97 -9.07
Brazil Bovespa 54,125.13 -0.24 -11.20
Mexico IPC 41,007.06 -0.08 -6.17
Chile IPSA 3,912.44 1.06 -9.04
Chile IGPA 19,242.04 0.79 -8.68
Argentina MerVal 0.00 0 -100.00
Colombia IGBC 14,070.10 0.12 -4.39
Peru IGRA 16,322.01 0.07 -20.88
Venezuela IBC 2,609,685.15 0 453.56