* Brazil Bovespa rises 1.44 pct, Mexico bourse closed
SAO PAULO, Nov 18 (Reuters) - Brazilian stocks reopened
higher on Monday after a market holiday Friday, boosted by the
announcement of economic reforms in top trade partner China and
the outlook for continued monetary stimulus from the U.S.
Chile's IPSA index rose for the third straight
session while Mexico's bourse was closed for a local
China's leadership unveiled a series of economic reform
measures on Friday, pledging to let the market play a "decisive"
role in the economy and outlining changes designed to unleash
new sources of growth.
China is Brazil's biggest trading partner and a key
purchaser of Latin American raw materials such as iron-ore, soy,
copper and petroleum. Changes in the outlook for China's economy
tend to swing prices of Brazil's most widely-traded shares, most
of which are commodities producers.
Brazil's benchmark Bovespa stock index rose 1.44
percent to 54,223.57, its highest level in nearly two weeks, as
shares of iron-ore miner Vale SA and state-run oil
company Petroleo Brasileiro SA both gained nearly 2
"Part of this is China, though we also have the lag due to
our market being closed on Friday, when worse-than-expected
(U.S.) industrial production numbers lowered the chances that
the Fed would taper stimulus this year," said Joao Brugger, an
analyst with Leme Investimentos in Florianopolis, Brazil.
Investors have been watching U.S. economic data closely for
signs of strength, which could lead the Fed to reduce the size
of the massive bond-buying program that has helped underpin
demand for riskier assets such as Latin American equities.
Shares of state-run electric firm Centrais Eletricas
Brasileiras SA, known as Eletrobras, dropped 2.6
percent after it posted a 915 million reais ($400.4 million)
quarterly loss late Thursday.
Shares of steelmaker Cia Siderúrgica Nacional SA
rose 1.6 percent, adding to a 3.6 percent gain on Thursday, when
it reported a better-than-expected quarterly profit.
Grupo BTG Pactual analysts recommended investors take
profits on the shares as risks persist from logistics and mining
projects at the company.
Chile's IPSA index edged 0.09 percent higher, led by
a 1.1 percent gain in shares of conglomerate Copec and
a 0.6 percent rise in lender Banco Santander Chile.
Latin America's key stock indexes at 1330 GMT:
Stock indexes Latest daily % YTD %
MSCI LatAm 3,380.18 1.61 -12.41
Brazil Bovespa 54,223.57 1.44 -11.04
Mexico IPC 41,034.11 ---- -6.11
Chile IPSA 3,802.91 0.09 -11.59
Chile IGPA 18,718.91 0.08 -11.16
Argentina MerVal 0.00 0 -100.00
Colombia IGBC 13,443.53 0.00 -8.65
Peru IGRA 0.00 0 -100.00
Venezuela IBC 2,237,304.21 0 374.57