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EMERGING MARKETS-Brazil stocks up; Cemig rallies on report of planned units sale

By Bruno Federowski SAO PAULO, March 13 (Reuters) - Brazilian stocks rose on Monday, with shares of power utility Cia Energética de Minas Gerais SA among the biggest gainers after Reuters reported plans to sell a majority stake in two main units.

Preferred shares in Cemig, as the power firm is known, rose as much as 6.3 percent following the report before paring gains to around 4.5 percent.

According to a person with direct knowledge of the plan, the sale of transmission company Cemig GT and power distribution firm Cemig D could help curb debt and reduce state interference. The Brazilian state of Minas Gerais owns 17 percent of the utility's capital and controls its management.

Brazil's benchmark Bovespa stock index rose 0.8 percent, supported by rising shares of miner Vale SA following a sharp increase in China-listed iron ore future prices.

The Brazilian real weakened slightly, while most Latin American currencies seesawed. The Mexican peso firmed 0.2 percent, while the Colombian peso fell 0.4 percent.

Traders avoided making big bets ahead of a U.S. Federal Reserve policy meeting this week. An interest rate increase is seen as nearly a given, but investors will scrutinize the Fed's policy statement for clues over the timing of further hikes.

Higher U.S. rates could dampen the allure of high-yielding emerging market assets.

Key Latin American stock indexes and currencies at 1540 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 938.13 1.29 7.41 MSCI LatAm 2555.89 0.6 8.54 Brazil Bovespa 65194.48 0.8 8.25 Mexico IPC 46996.15 -0.23 2.96 Chile IPSA 4503.51 0.64 8.48 Chile IGPA 22620.15 0.59 9.10 Argentina MerVal 19001.05 0.55 12.31 Colombia IGBC 9928.15 0.02 -1.97 Venezuela IBC 38707.99 0.42 22.09 Currencies daily % YTD % change change Latest Brazil real 3.1495 -0.25 3.17 Mexico peso 19.5655 0.18 6.02 Chile peso 666.4 -0.39 0.65 Colombia peso 2991.9 -0.41 0.32 Peru sol 3.29 -0.21 3.77 Argentina peso (interbank) 15.4925 -0.08 2.47 Argentina peso (parallel) 16.04 0.00 4.86 (Reporting by Bruno Federowski; Editing by Jonathan Oatis)