Brazilian stocks fell Friday, reversing early gains after weaker-than-expected jobs growth in the United States contributed to investor pessimism about the pace of the global economic recovery. But Mexico's IPC index continued a three-day rally to close at its highest level in nearly three months as investors placed bets on a sweeping energy reform, due next week, while Chile's IPSA posted modest losses.
On Friday, the US Labour Department said that despite a drop in the unemployment rate to its lowest level since December 2008, the pace of hiring slowed and the labour market shrank. Brazil's benchmark Bovespa stock index fell 1.36 percent to close at 48,474.04, weighed down by an 11.94 percent drop in share prices for oil producer OGX Petroleo, controlled by embattled tycoon Eike Batista.
Mexico's IPC index had its third straight session of gains with a 0.45 percent rise to close at 42,051.60, its highest level since May. The index is coming off a strong performance in July, its first month of gains in five months. Shares of conglomerate Alfa led the index's gains, rising 2.91 percent. Investors acted on stronger-than-expected second-quarter earnings reports, as well as optimism for an energy reform bill, due to be announced next week. Chemical producer Mexichem, another likely beneficiary of the bill, also gained, adding 1.96 percent. Chile's IPSA index fell 0.26 percent to close at 3,820.54. A 1.13 percent drop in shares of conglomerate Empresas Copec led losses.
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