EMERGING MARKETS-Latam stocks lower on European debt fears

NEW YORK, Nov 29 (BestGrowthStock) – Latin American stocks edged
lower on Monday as investors feared Ireland’s debt crisis could
spread into weaker members of the euro zone even after Dublin
secured a 85 billion euro bailout during the weekend.

Concerns that the European debt crisis could engulf
Portugal or Spain left investors wary of riskier assets in
general, and major stock indexes fell globally.

The MSCI Latin American stocks index (.MILA00000PUS: )
dropped 0.7 percent. Brazil’s Bovespa index (.BVSP: ) slid nearly
1 percent while Mexico’s IPC (.MXX: ) was 0.7 percent lower.

“There’s still some instability in the beginning of
Monday’s session, despite the confirmation of a bailout deal to
Ireland,” Sao Paulo-based Schahin brokerage said in a research
note. “With all the uncertainty around, markets should go
through a period of higher volatility.”

Banking stocks were leading the losses in Brazil. Itau
Unibanco (ITUB4.SA: ), the nation’s largest non-government bank,
fell 1.5 percent, while peer Banco Bradesco (BBDC4.SA: ) dropped
1.2 percent.

In Mexico, the telecommunications sector weighed the most
in the market, with shares of America Movil (AMXL.MX: )(AMX.N: ),
Latin America’s leading wireless operator, falling nearly 1
percent.

(Reporting by Rodolfo Barbosa in Sao Paulo and Walter
Brandimarte in New York; Editing by W Simon )

EMERGING MARKETS-Latam stocks lower on European debt fears