Latam stocks bounce back

Latin American stocks edged up on Friday, bouncing back from a nearly 10-month low after France and Germany outlined an agreement to aid debt-burdened Greece, but analysts expected more volatility. The MSCI Latin American index rose 0.53 percent after ending the previous session at its lowest since September when the index lost about 1.6 percent.
The leaders of France and Germany said they were united behind a new aid package for Greece under which banks that hold Greek debt would voluntarily shoulder some of the burden. "This will give the market some time to wait and hope US data starts to come out better," said Gerardo Roman, a trader at brokerage Actinver in Mexico City.
Fears that a Greek default could hurt major global banks and affect credit markets weighed on stocks around the world, with fears deepening this week. Concerns about the slowing US economy have also hurt demand for riskier assets like emerging market currencies. Traders said Friday's rebounds were likely fleeting.
"We have gone from absolute optimism to total pessimism," Roman said. Jaime Aguilera, a strategist at HSBC in Mexico City, said the market would continue its focus next week on the situation in Greece and US data. "I think stock performance is going to stay erratic," Aguilera said.
Brazil's Bovespa stock index rose 0.29 percent as it edged back from its lowest close since early July 2010. Telecommunications firm Telesp rose 02.53 percent and energy start up added 3.78 percent. The Bovespa lost 2.6 percent for the week, its worst since mid-April. The index broke through a key support level this week that suggested stocks could fall more.
Mexico's IPC stock index lost 0.55 percent as shares of top retailer Wal-Mart de Mexico shed 1.37 percent and miner Grupo Mexico lost 1.33 percent. The IPC still managed to post a slight gain of nearly 0.2 percent, helped by a continued rebound in shares of America Movil as it recovers from its lowest in more than a year hit earlier this month on fears of tighter regulation in Mexico.
Chile's IPSA index jumped 2.05 percent, breaking a six-day slide as investors snapped up shares of retailers punished by a rival's customer credit scandal. The IPSA ended down 2.4 percent in the week. Retailer Cencosud jumped 4.91 percent, with Falabella gaining 1,81 percent.