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EMERGING MARKETS-Latin American stocks gain on Greek debt deal

SAO PAULO, July 13 (Reuters) - Latin American stocks gained on Monday after euro zone leaders reached agreement on a bailout for Greece, but currencies underperformed as investors said the Greek deal increased chances that the U.S. Federal Reserve would soon hike interest rates.

Stocks tracked by a benchmark MSCI index for Latin America climbed 1.7 percent in a third consecutive session of gains after Greece won an agreement to receive 86 billion euros ($94.7 billion) over three years, pending approval by Greece legislators of tough terms imposed by creditors.

In Brazil, the benchmark Bovespa index rose 0.8 percent, buoyed by shares of banks Bradesco and Itau Unibanco, which rose 2.1 percent and 1.3 percent, respectively.

Brazilian banks were expected to benefit from a presidential decree increasing a ceiling to payroll loans to 35 percent from 30 percent of an individual's salary. Consumers may take advantage of the additional five-percentage-point limit to pay off credit card debt, according to the new legislation.

Shares of retailer GPA SA rallied 6.5 percent after it reported a 6 percent rise in net revenue in the second quarter from a year earlier.

Shares of miner Vale SA jumped 6 percent after its chief executive said the company has started replacing 25 million tonnes per year of higher-cost iron ore production with newer, more efficient output that is coming onstream.

Latin American currencies had a more modest performance as investors feared easing tensions in the euro zone would pave the way for the Fed to raise U.S. borrowing costs in September, potentially reducing the allure of high-yielding emerging markets.

The Brazilian real opened lower, but strengthened in the afternoon as exporters sold dollars, traders said. The Mexican peso also opened weaker, but retraced its losses in the afternoon to trade narrowly firmer.

Key Latin American stock indexes and currencies at 1845 GMT: Stock indexes Latest Daily YTD pct pct change change MSCI Emerging Markets 943.12 1.1 -2.45 MSCI LatAm 2,499.38 1.71 -9.91 Brazil Bovespa 53,113.1 0.99 6.21 Mexico IPC 45,044.26 0.29 4.40 Chile IPSA 3,901.8 0.52 1.32 Chile IGPA 18,974.66 0.44 0.55 Argentina MerVal 11,867.369 1.51 38.33 Colombia IGBC 10,002.35 0.55 -14.03 Venezuela IBC 15,335.02 -0.32 297.41 Currencies Latest Daily YTD pct pct change change Brazil real 3.1358 0.76 -15.25 Mexico peso 15.7055 0.10 -6.12 Chile peso 643.5 0.51 -5.77 Colombia peso 2,686.53 -0.54 -11.11 Peru sol 3.178 -0.06 -6.26 Argentina peso (interbank) 9.1250 -0.03 -6.30 Argentina peso (parallel) 13.8 -1.30 1.45 ($1 = 0.9084 euro) (Reporting by Walter Brandimarte and Paula Arend Laier, editing by G Crosse)

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