EMERGING MARKETS-Latam stocks up on U.S. data, Petrobras choppy

Reuters

* Brazil Bovespa gains 0.91 pct, Mexico IPC up 0.78 pct

SAO PAULO, Oct 22 (Reuters) - Latin American stocks rose on

Tuesday after weaker-than-expected jobs numbers from the United

States boosted hopes the Federal Reserve would further delay the

tapering of its massive bond-buying program.

The MSCI Latin American stock index rose

0.97 percent, its biggest intraday gain in nearly two weeks.

Data on Tuesday showed U.S. employers added fewer workers

than expected in September, suggesting the world's largest

economy may not be strong enough to warrant a slowdown in the

Fed's economic stimulus program, which has supported demand for

global equities.

Brazil's benchmark Bovespa stock index gained 0.91

percent, led by shares of commodities exporters, which tend to

attract foreign investors looking for exposure to the local

market due to their high liquidity.

Iron ore exporter Vale SA advanced 1.5 percent,

contributing most to the index's rise, while steelmaker

Companhia Siderurgica Nacional SA climbed 3 percent.

Preferred shares of state-run oil company Petroleo

Brasileiro SA, known as Petrobras, swung widely

throughout the session, trading at nearly unchanged levels in

the early afternoon.

The stock rallied 5.3 percent in the previous session

following the conclusion of a Brazilian offshore oil field

auction. Petrobras, as part of a larger consortium, won the

auction under terms that give it the largest share of revenue

allowable by law, the rest going to the government.

"We had a positive reaction yesterday and people who

speculated on the auction are taking profits," said Rudimar

Joner, a trader with Banrisul Corretora in Porto Alegre, Brazil.

Joner cautioned that investors are also thinking about the

investment requirements of the offshore project and the

resulting drain on Petrobras' finances, which could put pressure

on the shares.

Mexico's IPC index erased the previous session's

losses, adding 0.78 percent to 40,661.83.

Mining firm Grupo Mexico advanced 1.25

percent, contributing most to the index's gains, though shares

of telecommunications firm America Movil, controlled

by billionaire Carlos Slim, fell 0.6 percent.

Chile's IPSA index rallied for the third straight

session, rising 0.19 percent as shares of regional energy firm

Endesa Chile climbed 1.3 percent.

Latin America's key stock indexes at 1427 GMT:

Stock indexes daily % YTD %

Latest change change

MSCI LatAm 3,508.42 0.97 -8.51

Brazil Bovespa 56,589.11 0.91 -7.16

Mexico IPC 40,661.83 0.78 -6.96

Chile IPSA 3,899.08 0.19 -9.35

Chile IGPA 19,175.73 0.17 -8.99

Argentina MerVal 5,674.00 0.2 98.79

Colombia IGBC 14,378.78 -0.04 -2.29

Peru IGRA 16,120.86 1.28 -21.85

Venezuela IBC 1,949,702.9 -0.71 313.57

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