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Latin American markets recovering

Latin American markets recovering

Latin American markets showed signs of recovery Tuesday, mirroring gains on Wall Street and boosted by positive results from major commodities companies.
Brazilian stocks were up sharply after being battered for weeks on concerns that a global slowdown would throttle the region's largest economy.
Brazil's Ibovespa index was up 1.85 percent to 29,978. The nation's currency, the real, rose against the U.S. dollar.
Shares of Brazil's biggest companies have been pummeled by investors because of declining demand for the country's commodities such as steel, iron ore and soy.
Economists are lowering Brazilian 2009 economic growth projections to 3 percent or less, down from nearly 4 percent.
The Mexican stock market also gained Tuesday, with the main IPC index up 2.8 percent to 17,335 in morning trading. The market closed at 16,869 on Monday.
Chile's IPSA was up 1 percent to 2,371 and Colombia's IGBC index was gaining 2.6 percent to 6,628.
"The Latin American stocks in general are recovering, joining the markets in other regions where we see fairly positive numbers," said Elizabeth Palma of Tanner brokers in Santiago, Chile.
"That reaction corresponds mostly to the buying of good opportunities," she said, "but also to the fact that some important commodities companies are reporting good results, well above expectations."
Argentina's Merval was an exception as it was down 2 percent to 823 in early afternoon trading.
"The Argentine market remains weak and that's a domestic problem," Palma said.
"That market continues to be punished, because there are comments that no one is supporting the government's decision" to nationalize nearly $30 billion in private pension funds, she said.


Updated : 2021-10-16 05:10 GMT+08:00