(Adds closing prices, analysts' view) By Aaron Saldanha Feb 4 (Reuters) - Latin American stocks notched a fifth straight session of gains on Monday, aided by Brazilian equities ending at a record closing high, while most Latin American currencies were little changed against the dollar.
Mexico's stock market was closed for a holiday but Brazilian equities gained as they traded for the first time since Senator Davi Alcolumbre, an ally of right-wing President Jair Bolsonaro, won election over the weekend to become the head of Brazil's Senate. His victory could make Bolsonaro's legislative efforts to open the economy easier.
MSCI's index of Latin American equities gained half a percent, supported by a 0.7 rise in Brazilian stocks.
Given Alcolumbre's win, markets were expecting reform in the short term in line with Bolsonaro's intentions, analysts Fernando Bresciani and Pedro Galdi at brokerage Mirae said.
Bolsonaro, in a Sao Paulo hospital recovering from a follow-up procedure after his stabbing during last year's election campaign, said in a message to the National Congress on Monday that a "modern" and "fraternal" proposal for pension reform will be responsible for a major economic boost.
Financial stocks were the major driver of gains on Brazil's stocks benchmark, with Itaú Unibanco Holding SA closing 2.3 percent higher.
Brazil's top private lender matched analysts' fourth quarter profit estimates in results declared after markets closed.
The benchmark shrugged off a 3.4 percent slide in mega miner Vale SA. A Brazilian state court ordered the firm to stop using eight tailings dams after a disaster last month, a step that will crimp nearly 9 percent of the firm's annual iron ore output.
The real weakened about 0.25 percent. A Reuters poll predicts Brazil's central bank will keep borrowing costs at a record low later this week, where they will likely stay for the rest of 2019.
Mexico's peso was marginally weaker. Refinitiv data showed trading volumes were about 20 percent of their average over the past week.
Chile's benchmark stocks index tacked on 0.4 percent. Its peso firmed, tracking a rise in prices of copper, the country's top export.
Stocks in Argentina rose 1.5 percent to clock a record closing high as most sectors gained.
Argentina's peso was little changed, with the central bank buying 75 million dollars in the market.
Latin American stock indexes and currencies at 2133 GMT: Stock indexes daily % Latest change MSCI Emerging 1048.05 -0.2 Markets MSCI LatAm 2964.28 0.47 Brazil Bovespa 98588.63 0.74 Chile IPSA 5472.93 0.37 Argentina MerVal 37145.00 1.49 Colombia IGBC 12009.34 0.62 Currencies daily % change Latest Brazil real 3.6695 0.07 Mexico peso 19.1025 -0.04 Chile peso 652.1 0.26 Colombia peso 3085.6 0.07 Peru sol 3.33 -0.03 Argentina peso 37.1300 0.16 (interbank) (Reporting by Aaron Saldanha in Bengaluru and Paula Arend Laier in Sao Paulo; editing by Grant McCool)