Latam markets: Brazil stocks rise, Slim's America Movil sinks

Latin American stocks slipped on Friday, with regional heavyweight America Movil slumping to a 15-month low, but equities edged up in Brazil after solid first-quarter growth data. The MSCI Latin American index dipped 0.11 percent, still eking out a nearly 0.3 percent advance for the week. The index has managed to post gains during the last three weeks, but is still down nearly 6 percent from an April high.
--- Peru stocks slip ahead of election on latest poll
Shares in billionaire Carlos Slim's America Movil fell 4.10 percent, its biggest one-day drop in 17 months, after a media report suggested a regulator might make the telecommunications firm cut fees in Mexico. Slim's flagship firm, one of the world's biggest telecoms, accounts for nearly one-quarter of Mexico's IPC stock index, which closed down 0.83 percent.
Also weighing on Friday, data showed the US unemployment rate unexpectedly rose in May. That added to concerns about slowing growth in the United States, Mexico's top trading partner and a major influence in Latin America. But another survey showed the US services sector accelerated in May, giving some hope that employment will improve in coming months.
Weak US data could keep hurting stocks, but deeper losses could spur bargain hunting, said Rogelio Gallegos, a fund manager at Actinver in Mexico City. "This could be like last year where we see the market moves mostly sideways through the summer before gaining in the second half of the year," Gallegos said.
Stocks in Brazil shook off early losses to close slightly higher. The country's main Bovespa index seems to have recently formed a floor but is still down around 12 percent from early November. "The Bovespa has already fallen a lot. We had already priced in bad data," said Ari Santos, head of stock trading at brokerage Hencorp Commcor in Sao Paulo.
Data showed Brazil's economy grew 1.3 percent in the first quarter compared to the previous one, beating most forecasts. "This is a demonstration that the economy is still strong," said Guilherme Sand, a fund manager with brokerage Solidus in Brazil who helps oversee about $570 million in assets.
Sand said the growth data boosted local retailers such as Lojas Renner, which rose 4.12 percent, and Lojas Americanas, which ended up 2.94 percent. The Bovespa index rose 0.19. It was held back by a 0.71 percent loss in shares of state-led oil company Petrobras. Chile's IPSA index rose 0.15 percent as shares in retailer Falabella added 1.65 percent.
Peru's stock index fell 2.34 percent ahead of Sunday's highly contested presidential election. Stocks fell after a private poll by CPI that came out late Thursday favoured left-wing nationalist Ollanta Humala by one point. Peruvian stocks have whipsawed in recent weeks on uncertainty ahead of the election. Investors, who favour right-wing candidate Keiko Fujimori, worry Humala could roll back free-market reforms in Peru.