* Brazil Bovespa up 0.74 pct, Mexico IPC down 0.3 pct
SAO PAULO, Nov 13 (Reuters) - Brazilian stocks rose on
Wednesday, with investors encouraged by a pledge for economic
reform by policymakers in top trade partner China, while shares
of airline Gol plunged after it posted a seventh straight
Mexico's IPC index edged toward its lowest close
since late August, while Chile's bourse fell for the
third session in four.
China's leaders pledged to let markets play a "decisive"
role in the economy as they unveiled a reform agenda for the
next decade on Tuesday, looking to secure new drivers of future
growth and achieve clear results by 2020.
"China's government wants to increase growth, particularly
with domestic consumption," said Leandro Silvestrini, a broker
with Intrader in Sao Paulo. "That is very relevant for Brazil if
it is put in practice and investors are digesting that today and
driving the market higher."
China is Brazil's top trading partner and a key purchaser of
Latin American commodities exports such as iron ore, soy, copper
and petroleum. A stronger Chinese economy would likely lead to
higher prices for products exported by Brazil's largest listed
companies, such as state-run oil firm Petroleo Brasileiro SA
, known as Petrobras, and mining firm Vale SA
Brazil's benchmark Bovespa stock index rose for the
second session in three, adding 0.74 percent to 52,187.58.
Petrobras shares rose 2 percent, contributing most to the
Earlier on Wednesday the company announced a deal to sell
its Peruvian oil and gas assets to PetroChina, China's
top oil and gas firm, and its parent China National Petroleum
Corp (CNPC) for $2.6 billion.
Shares of Gol Linhas Aereas fell nearly 5
percent, their biggest drop in over a month, after the airline
posted its seventh straight quarterly loss and forecast no
rebound in the domestic market next year.
Common shares of telecommunications firm Grupo Oi
rose 1.4 percent after the company beat profit forecasts on
Wednesday and pledged lower capital spending next year in an
effort to cut debt.
Mexico's IPC index dropped for the eighth straight
session, losing 0.3 percent.
Shares of telecommunications firm America Movil
slipped 1 percent, contributing most to the index's decline,
while bottling firm Femsa fell 1.5 percent.
Chile's IPSA index fell 1.6 percent as shares of
retailer Falabella dropped 3.2 percent.
Latin America's key stock indexes at 1758 GMT:
Stock indexes daily % YTD %
Latest change change
MSCI LatAm 3,224.31 0.37 -15.42
Brazil Bovespa 52,187.58 0.74 -14.38
Mexico IPC 39,474.15 -0.3 -9.68
Chile IPSA 3,720.92 -1.6 -13.49
Chile IGPA 18,424.50 -1.37 -12.56
Argentina MerVal 5,274.58 0.04 84.79
Colombia IGBC 13,315.59 1.59 -9.52
Peru IGRA 15,901.60 0.08 -22.92
Venezuela IBC 2,368,947.11 -3.37 402.49