EMERGING MARKETS-Latam stocks flat as Brazil firms, Mexico down

* Bovespa up 0.12 pct, Mexico’s IPC down 0.11 pct

* Holiday season reduces trading volumes
(Adds closing prices)

SAO PAULO/MEXICO CITY, Dec 23 (BestGrowthStock) – Latin American
stocks traded nearly flat on Thursday, tracking steady global
markets as volumes remained thin with fund managers paring back
investments ahead of the holiday season.

The MSCI Latin American stocks index (.MILA00000PUS: ) firmed
0.09 percent, its third day of gains. The Christmas and New Year
holidays have reduced trading volumes all week, analysts said.

Mexico’s stock exchange (.MXX: ) fell 0.11 percent to 38,131,
dragged down by a 1.43-percent decline in broadcaster Televisa
(TLVACPO.MX: ), which closed at 64.16 pesos. Santander cut its
recommendation for Televisa to hold from buy on Wednesday.

Brazil’s benchmark Bovespa index (.BVSP: ) edged 0.02 percent
higher as the country’s second-largest airline Gol (GOLL4.SA: ) rose
2.41 percent. Shares in larger rival TAM (TAMM4.SA: ) were almost
unchanged at 40.46 reais.

Unions representing flight crews and airport workers across
Brazil suspended plans to go on strike after a labor court said it
would fine workers if they disrupted travel during the busy
holiday season.

Also helping boost Brazil’s index, Banco do Brasil (BBAS3.SA: )
stock rose 1.24 percent after central bank data on Thursday showed
outstanding loans in the financial system rose for a 20th month.

Santander Brasil (SANB11.SA: ) climbed 1.15 percent to 21.98
reais. The bank said late on Wednesday Chief Executive Fabio
Barbosa would step down from his post to become chairman. Marcial
Portela, the bank’s current chairman, will replace Barbosa as

Vale (VALE5.SA: ), the world’s largest iron ore producer, was
down 0.4 percent at 50.05 reais, reflecting a decline in copper
and other metals prices. Brazilian steelmakers also declined on
concerns over slowing demand in China for metals during the winter
season, with Gerdau (GGBR4.SA: ) down 0.94 percent to 23.08 reais
and CSN (CSNA3.SA: ) falling 0.15 percent to 26.97 reais.

Chile’s IPSA (.IPSA: ) was steady at 4,884.09, with industrial
conglomerate Copec (COP.SN: ) easing 0.64 percent.
(Reporting by Aluisio Alves and Elzio Barreto in Sao Paulo and
Mica Rosenberg in Mexico City; Editing by Phil Berlowitz)

EMERGING MARKETS-Latam stocks flat as Brazil firms, Mexico down