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EMERGING MARKETS-Colombian peso slips after Petro win, Brazil's real rises

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* Colombian peso spot rate down 3% * Bogota stocks tumble, mark worst day in two years * Brazil's central bank points to higher rates for longer * Chile's peso recovers 1% from Monday's record lows (Adds comment, updates prices) By Shreyashi Sanyal and Susan Mathew June 21 (Reuters) - The Colombian peso came off session lows after tumbling on Tuesday, following Gustavo Petro's election win to be the first leftist president of the Andean nation. The peso's spot rate closed down 3% after having slumped as much as 5% against the dollar, underperforming broader emerging market peers which capitalized on the dollar's weakness. Petro's victory was seen by some observers as a sign of yearning among voters for a more equal and inclusive society, but analysts and business leaders said the former guerrilla will need to act fast to reassure investors. Strategists at Citigroup expect the market reaction to be short-lived, especially if Petro shows signs of moderation. "By this point, there is usually enough negativity in the price that it pays to sell USD," they said, adding that focus now will shift to the cabinet picks, ahead of the inauguration on August 7. Colombia's main stock index sank 5% marking its worst one-day percentage fall in 2 years. Most other Latin American currencies firmed, with the Brazilian real up 0.7% after minutes of the central bank's previous meeting showed the strategy to bring inflation next year to around the official target involves more interest rates hikes and for a longer period. Brazil's former President Luiz Inacio Lula da Silva, the front-runner to win the country's October presidential election, proposed a new fiscal framework with ending a cap on government spending and taming inflation as key priorities if elected. In Chile, workers at state-owned Codelco are due to start a nationwide strike on Wednesday to protest a decision by the government and the copper miner to close a troubled smelter, a union official said. But as copper prices gained, the Chilean peso clawed up 1% from record lows hit on Monday. But William Jackson, emerging markets economist at Capital Economics, warned that subdued global demand could still weigh on copper prices and likely cut 0.3 percentage points from Chile's quarterly GDP growth for every week that workers were on strike, further straining the country's balance of payments. Key Latin American stock indexes and currencies at 1857 GMT: Stock indexes Latest Daily % change MSCI Emerging Markets 1016.55 1.61 MSCI LatAm 2101.11 0.17 Brazil Bovespa 99586.04 -0.27 Mexico IPC 48040.89 0.54 Chile IPSA 5084.37 0.34 Argentina MerVal 86679.71 -0.438 Colombia COLCAP 1379.97 -5.09 Currencies Latest Daily % change Brazil real 5.1488 0.74 Mexico peso 20.1422 0.66 Chile peso 882.1 0.00 Colombia peso 4010.75 -2.81 Peru sol 3.7138 -0.04 Argentina peso 123.6700 -0.61 (interbank) (Reporting by Shreyashi Sanyal in Bengaluru; Editing by Paul Simao and Nick Zieminski)