* Brazil Bovespa gains 0.91 pct, Mexico IPC up 0.78 pct
SAO PAULO, Oct 22 (Reuters) - Latin American stocks rose on
Tuesday after weaker-than-expected jobs numbers from the United
States boosted hopes the Federal Reserve would further delay the
tapering of its massive bond-buying program.
The MSCI Latin American stock index rose
0.97 percent, its biggest intraday gain in nearly two weeks.
Data on Tuesday showed U.S. employers added fewer workers
than expected in September, suggesting the world's largest
economy may not be strong enough to warrant a slowdown in the
Fed's economic stimulus program, which has supported demand for
Brazil's benchmark Bovespa stock index gained 0.91
percent, led by shares of commodities exporters, which tend to
attract foreign investors looking for exposure to the local
market due to their high liquidity.
Iron ore exporter Vale SA advanced 1.5 percent,
contributing most to the index's rise, while steelmaker
Companhia Siderurgica Nacional SA climbed 3 percent.
Preferred shares of state-run oil company Petroleo
Brasileiro SA, known as Petrobras, swung widely
throughout the session, trading at nearly unchanged levels in
the early afternoon.
The stock rallied 5.3 percent in the previous session
following the conclusion of a Brazilian offshore oil field
auction. Petrobras, as part of a larger consortium, won the
auction under terms that give it the largest share of revenue
allowable by law, the rest going to the government.
"We had a positive reaction yesterday and people who
speculated on the auction are taking profits," said Rudimar
Joner, a trader with Banrisul Corretora in Porto Alegre, Brazil.
Joner cautioned that investors are also thinking about the
investment requirements of the offshore project and the
resulting drain on Petrobras' finances, which could put pressure
on the shares.
Mexico's IPC index erased the previous session's
losses, adding 0.78 percent to 40,661.83.
Mining firm Grupo Mexico advanced 1.25
percent, contributing most to the index's gains, though shares
of telecommunications firm America Movil, controlled
by billionaire Carlos Slim, fell 0.6 percent.
Chile's IPSA index rallied for the third straight
session, rising 0.19 percent as shares of regional energy firm
Endesa Chile climbed 1.3 percent.
Latin America's key stock indexes at 1427 GMT:
Stock indexes daily % YTD %
Latest change change
MSCI LatAm 3,508.42 0.97 -8.51
Brazil Bovespa 56,589.11 0.91 -7.16
Mexico IPC 40,661.83 0.78 -6.96
Chile IPSA 3,899.08 0.19 -9.35
Chile IGPA 19,175.73 0.17 -8.99
Argentina MerVal 5,674.00 0.2 98.79
Colombia IGBC 14,378.78 -0.04 -2.29
Peru IGRA 16,120.86 1.28 -21.85
Venezuela IBC 1,949,702.9 -0.71 313.57