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Late rallies helped stocks in Brazil and Mexico close higher Friday. In Mexico City

LATIN AMERICAN MARKETS: Mexico, Brazil Gain Ground Thanks To Late-day Rallies February 24, 2008: 07:48 PM EST SAN FRANCISCO (Dow Jones) --Late rallies helped stocks in Brazil and Mexico close higher Friday. In Mexico City , the IPC index of 35 most-traded issues traded lower for most of the day before reversing course to finish up 0.6% to 29,528.79. For the week, the index rose 2.7%, and now is up 0.6% on a year-to-date basis. Among local issues, wireless phone company America Movil (AMX) shares closed up 0.3%, fixed-line phone company Telmex (TMX) rose 1.3%, and beverage company Femsa's (FMX) climbed 2%. In Sao Paulo, the benchmark Bovespa stocks index ended 1.3% higher at 64, 609.78. Stock prices oscillated throughout the day, rising on fund buying early in the session but then dipping into negative territory on profit-taking and continued worries about the direction of the U.S. economy. Late in the session, domestic and global funds returned to the Brazilian market as buyers. Blue chips closed broadly higher.State oil company Petroleo Brasileiro SA, or Petrobras (PBR), was up 0.4%. Mining giant Vale (RIO) advanced 2.1%. The stock attracted additional investors Friday following its announcement earlier this week that Vale's major overseas steel customers have agreed to price hikes for iron ore. The Bovespa ended the week 5.4% higher, bringing its year-to-date gains to 1.1%. Argentina's Merval rose 0.2% to 2,088.36, and posted a weekly rise of 2.4%. Chile's IPSA slipped 0.2% to 2,903.84 on Friday, but rose 2.8% for the week. (END) Dow Jones Newswires 02-24-08 1948ET Copyright (c) 2008 Dow Jones & Company, Inc.
Published Sunday, February 24, 2008 7:28 PM by Zinnia Q.

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