Latin American stocks ended flat on Friday, capping its worst week this quarter over renewed concerns Greece could default and European's leaders would fail to stem the debt crisis. The MSCI Latin American stock index ended up 0.2 percent after a week of ups and downs over uncertain hopes eurozone policy makers were coming closer to containing a debt crisis in the 17-nation currency bloc.
Market players will be waiting to see if Greece can resolve its problems and prevent a messy default. If not, it could undermine bank lending or drive up the cost of debt in countries such as Spain and Italy to unsustainable levels ricocheting to emerging markets.
Brazil's benchmark Bovespa stock index gained 0.81 percent. The Bovespa is tracking losses of 1.4 percent on the week, which would be its first such loss after three weeks of gains. But the Bovespa's 14-day simple moving average crossed above its 100-day simple moving average, which would suggest further upward momentum in sessions to come.
State-controlled rival Petrobras gained 0.82 percent on the announcement of a new natural gas discovery off the Brazilian coast. Vale, the world's largest producer of iron ore, added 1.32 percent. Shares in aerospace firm Embraer also rose as the world's third-largest planemaker projected more revenue from executive jets next year. Shares advanced 4.42 percent, rebounding from their worst day in six weeks after disclosing an SEC corruption probe of the company.
Mexico's IPC index edged up 0.30 percent, contributing to a 0.05 percent loss for the week after three weeks of gains. Yet the IPC's 14-day simple moving average looks set to cross above its 200-day moving average, signalling momentum. Chile's IPSA stock index fell 0.19 percent, accumulating a loss of 1.34 percent for the week - its first weekly loss after three weeks of gains and its worst performance since the week ending September 24.
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