EMERGING MARKETS-Latam stocks fall on European debt crisis

* Brazil’s Bovespa down 0.47 pct, IPC dips 0.04 pct

* Ireland bailout fails to calm markets

* Stocks close off session lows on late rally
(Updates to close)

By Caroline Stauffer and Luciana Lopez

MEXICO CITY/SAO PAULO, Nov 29 (BestGrowthStock) – Latin American
stocks followed global equities lower on Monday on worries that
a European debt crisis could spread, though shares moved off
the day’s lows in a late rally.

The MSCI Latin American stocks index (.MILA00000PUS: ) ended
the day down 0.57 percent, a third straight session of losses
after having spent much of the day near its levels of late

“The central issue continues to be Ireland. Even though the
rescue package has been approved, there are still concerns
about other countries, Spain and Portugal in particular,” said
Tulio Chavez, a trader at brokerage Actinver in Mexico City.
“European markets brought the return of a negative viewpoint
in stocks,” he added.

While Germany and France said Europe had acted decisively
to save the euro by rescuing Ireland and laying the groundwork
for a permanent debt resolution system, nevertheless markets
drove Spanish and Portuguese debt costs higher.

Brazil’s benchmark Bovespa stock index (.BVSP: ) fell 0.47
percent for its lowest close in more than two months.

Among stocks falling in Sao Paulo were steelmaker Gerdau
(GGBR4.SA: ), down 2.34 percent.

Banks also fell. Itau Unibanco (ITUB4.SA: ), Brazil’s largest
private-sector bank by assets, gave up 1.25 percent and
Bradesco (BBDC4.SA: ) retreated 0.29 percent.

Mexico’s IPC stock index (.MXX: ) lost 0.04 percent, adding
to losses in the past two sessions.

Shares of telecom America Movil (AMXL.MX: ) led losses,
falling 0.67 percent. Retailer Walmex (WALMEXV.MX: ) dropped 0.06

Cemex (CMXCPO.MX: ), the world’s No. 3 cement company, lost
0.35 percent. The company is unique in the IPC in that it has
direct ties to Iberia, meaning the stock could particularly
feel the debt concerns there, Chavez added.

Chile’s IPSA index (.IPSA: ) slipped 0.02 percent, also
adding to two previous sessions of losses.

Chile-based regional energy group Enersis (ENE.SN: )
retreated 0.78 percent.

(Editing by Kenneth Barry)

EMERGING MARKETS-Latam stocks fall on European debt crisis