MEXICO CITY/SAO PAULO, Feb 1 (Reuters) - Latin American stocks closed sharply higher on Tuesday after strong U.S. manufacturing data offset worries about unrest in the Middle East.
The MSCI Latin American stocks index .MILA00000PUS added 2.49 percent, posting its biggest one-day percentage gain in more than two months.
Data on Tuesday showed the U.S. manufacturing sector expanded in January at its fastest pace since May 2004 following similar surveys that showed expanding factory growth in Europe. For details, see [ID:nN01292459]
"The global data is positive," said Jaime Ascencio, an analyst at Actinver in Queretaro, Mexico. "In general, the expectations for the economy continue to be favorable."
The United States, a major trading partner with Latin America, is the top buyer of Mexico's exports.
The Bovespa .BVSP, Brazil's benchmark stock index, jumped 1.91 percent, rebounding from a four-month low on Monday amid concerns of higher Brazilian interest rates and a political crisis in the Middle East.
Mexico's IPC index .MXX rose 1.72 percent, its biggest one-day gain since November. The index was boosted by a 2.3 percent advance in copper miner and railroad operator Grupo Mexico (GMEXICOB.MX) and a 1.71 percent gain by telecommunications giant America Movil.
Grupo Mexico's chief operating officer said on Tuesday the copper mining company would close the books on 2010 with a nearly 70 percent jump in annual revenues. [ID:nN0195243]
Auto parts, cold meats and petrochemicals maker Alfa (ALFAA.MX) soared 8.15 percent after it posted a 36 percent jump in fourth-quarter earnings, helped by stronger U.S. auto sales. [ID:nN01244234]
VALE BOOSTS BOVESPA
Shares of Vale (VALE5.SA), Brazil's biggest company and the largest stock in the Bovespa, rose 1.73 percent after announcing a 60 percent bump up in its minimum dividend payment. [ID:nN31237574]
Vale was also named a top pick for February by strategists at investment banks BTG Pactual and Banif.
Traders said energy, mining, steel and banking stocks had fallen to attractive levels in the recent rout, offsetting concerns that the central bank will have to raise interest rates in March to head off inflation.
Non-voting shares of state-controlled oil company Petrobras (PETR4.SA) rose for a second day, adding 2.03 percent.
Rival oil producer OGX Petroleo (OGXP3.SA) was up 3.95 percent, its first gain in four days. Petrobras and OGX were also included in the recommended portfolios for February by BTG and Banif.
Usiminas (USIM5.SA), Brazil's biggest flat steel producer, gained 3.65 percent, adding to gains since Monday when it announced the sale of its 14.25 percent stake in steelmaker Ternium (TX.N).
Chile's IPSA index .IPSA rose 0.72 percent, slightly rebounding after a January that saw the index lose 5.16 percent, its biggest monthly loss since October 2008.
Retailers led the rebound with Falabella (FAL.SN) adding 1.53 percent and Cencosud (CEN.SN) gaining 2.23 percent.
Source: http://www.reuters.com
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