EMERGING MARKETS-Latam stocks seesaw as Europe fears fade

* Europe fears weigh, but correction could be ending

* BM&FBovespa shares fall on tax-related fine

* Bovespa up 0.03 pct, Mexico’s IPC falls 0.25 pct
(Updates to afternoon)

By Luciana Lopez and Caroline Stauffer

SAO PAULO/MEXICO CITY, Nov 30 (BestGrowthStock) – Latin American
stocks seesawed on Tuesday as fears began to fade over a
European debt crisis after several sessions of losses.

The politically messy European fiscal troubles have dragged
down global equities in recent days, as investors fretted a
sluggish euro zone could drag on economic expansion next year.

But the MSCI stock index for Latin America (.MILA00000PUS: )
rose nearly 1 percent Tuesday afternoon despite falling in
negative territory at times through the session.

Brazil’s benchmark Bovespa index (.BVSP: ) turned positive in
the afternoon, up 0.5 percent. The index has lost about 2.5
percent over the past three sessions.

Mexico’s IPC index (.MXX: ) gave up 0.2 percent, and was on
track for a fourth session of losses.

“People continue to be cautious with all the goings on
abroad,” said Jankiel Santos, chief economist with BES
Investimento in Sao Paulo.

But he added that the correction sparked by fears about the
European situation could be ending.

“The broader process of correction has already happened,”
he said. Still, it will be hard for equities to regain lost
ground “until we have more news, some sign that things could
come to a happier resolution.”

Worries about European contagion hit global equities, as
well, with U.S. indexes falling at midday. For details, see

In Brazil, shares of BM&FBovespa (BVMF3.SA: ) moved down 2.7
percent. The world’s third-largest exchange operator by market
value was fined by Brazil’s tax agency over unpaid income taxes
and social security levies in 2008 and 2009. [ID:nN30268398]

But preferred shares of state-controlled energy company
Petrobras (PETR4.SA: ) gained 1 percent and helped limit losses.

In Mexico City, telecommunications company America Movil
(AMXL.MX: ) retreated 0.5 percent. The world’s No. 3 cell phone
company as measured by subscribers, may be interested in buying
a stake in Serbia’s state phone giant Telekom Srbija.

Helping limit losses, homebuilder Homex (HOMEX.MX: ) added
0.2 percent after an upbeat forecast. [ID:nN30272134]

Chile’s IPSA index (.IPSA: ) slid 0.4 percent, tracking what
could be a fourth straight session of losses.

“More than the local data on unemployment, which were good,
or the data on bank profits … what’s moving the bourse are
international events,” said Alex Sadzawka, an analyst with
brokerage Celfin Capital.

Shares of top-weighted industrial conglomerate Copec
(COP.SN: ) dropped 1.1 percent, and retailer Falabella (FAL.SN: )
lost 0.8 percent.
(Additional reporting by Alvaro Tapia in Santiago; editing by
Jeffrey Benkoe)

EMERGING MARKETS-Latam stocks seesaw as Europe fears fade