EMERGING MARKETS-Latam stocks rise, but still look range bound

* Thin volumes underscore investors’ lack of conviction

* Brazil stocks rangebound as outlook abroad undefined

* Brazil’s Bovespa up 0.7 pct, Mexico’s IPC 0.2 pct

By Luciana Lopez

SAO PAULO, March 29 (Reuters) – Latin American stocks rose
on Tuesday, but low volumes and investor uncertainty about the
cloudy global outlook gave few hints on when stocks could break
out of their bumpy ride within a a narrow range.

The MSCI Latin American stocks index (.MILA00000PUS: Quote, Profile, Research) gained
0.62 percent to 4,500 points.

The index has been had no sharp breakout move since
October, and is now trading between a key support near 4,300
points and a strong resistance around 4,700, which have both
held since late last year.

On Tuesday, Brazil’s benchmark Bovespa index (.BVSP: Quote, Profile, Research) rose
0.71 percent to 67,671.

Since the end of January, the Bovespa has found support at
65,500 and resistance at 68,250, said Daniel Marques, an equity
analyst with Agora.

“The market just isn’t budging,” he said. “And the volume
is ridiculous,” saying that share trading in Brazil could be
headed for its fourth session in a row with below-average

Uncertainty abroad — following natural and nuclear
disasters in Japan and revolts in the Middle East — have kept
investors leery, Marques said. “It’s been awhile since we’ve
had good news.”

In Brazil, shares of mining company Vale (VALE5.SA: Quote, Profile, Research) rose
1.57 percent. The stock has been hemmed in by its 20-day simple
moving average since early February, after the stock began to
slump in January.

Vale shares have been plagued by uncertainty on the fate of
the company’s chief executive, Roger Agnelli, who has a
famously tense relationship with the government.

Shares of energy company Petrobras (PETR4.SA: Quote, Profile, Research) rose 0.63
percent, well within its range of the past week’s trading.

Mexico’s IPC index (.MXX: Quote, Profile, Research) rose 0.2 percent, regaining some
ground lost in the previous two sessions. Mexican stocks have
seen a downtrend since falling off a record high in January.

Shares of mining company Grupo Mexico (GMEXICOB.MX: Quote, Profile, Research) rose
0.59 percent, but conglomerate Alfa (ALFAA.MX: Quote, Profile, Research) shed 1.2

Chile’s IPSA index (.IPSA: Quote, Profile, Research) fell 0.92 percent, fulling back
further from a close last week at its highest since

Retailers, which led a recent charge higher, were hit by
profit taking. Shares in Falabella (FAL.SN: Quote, Profile, Research) lost 2 percent
while rival Cencosud (CEN.SN: Quote, Profile, Research) lost 2.08 percent.

The Luksic group’s investment vehicle Quinenco (QNN.SN: Quote, Profile, Research)
rose 2.4 percent after local media reported that a subsidiary
would more than double its stake in French cable manufacturer
Nexans to 20 percent.
(Additional reporting by Brad Haynes in Santiago and Michael
O’Boyle in Mexico City, Editing by W Simon )

EMERGING MARKETS-Latam stocks rise, but still look range bound