* Brazil Bovespa falls 0.97 percent, Mexico IPC up 0.39
SAO PAULO, Oct 29 (Reuters) - Brazilian stocks fell for the
fourth session in five on Tuesday as shares of oil company OGX
plunged on investor concerns over a possible bankruptcy filing,
offsetting a jump in shares of lender Itau Unibanco.
Mexico's IPC index rallied for a third straight
session, while Chile's bourse fell slightly.
Brazil's benchmark Bovespa stock index fell 0.97
percent a day after rising the most in nearly two weeks. Still,
the index may finish October with its best monthly performance
of the year.
Shares of troubled Brazilian oil producer OGX Petróleo e Gas
Participações SA tumbled 20.69 percent, contributing
the most to the index's decline, after the company said talks
with holders of $3.6 billion in its bonds ended without
agreement. The company is preparing to file for bankruptcy
protection, sources have told Reuters.
Shares of state-run rival Petroleo Brasileiro SA,
known as Petrobras, also fell, shedding 0.96 percent. Analysts
said the drop was driven mostly by profit-taking a day after the
stock jumped the most in seven and a half months, fueled by news
that the company would re-examine its pricing policy.
Shares of Itaú Unibanco Holding SA, Brazil's
largest bank by market value, jumped 3.65 percent, reaching
their highest level in at least two years, after the company
reported much higher-than-expected earnings for the third
Mexico's IPC index touched its highest level in over
three weeks, adding 0.39 percent to 41,284.38 points.
Shares of retailer and bottler Femsa rose 1.48
percent, contributing the most to the index's gains, while
telecommunications firm America Movil, controlled by
billionaire Carlos Slim, rose 0.87 percent.
Chemical maker Mexichem dropped 1.29 percent
after the company reported a quarterly loss on Monday.
Chile's IPSA index edged 0.35 percent lower despite
a 1.24 percent rise in retailer Falabella.