Latin America stocks drop on US, commodity losses
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[November 19, 2008]

Latin America stocks drop on US, commodity losses

(Associated Press WorldStream Via Acquire Media NewsEdge) SAO PAULO, Brazil_Latin American stocks dropped Wednesday as U.S. indices spiraled to five-year lows and prices for the region's chief commodity exports declined.

Sao Paulo's Ibovespa stock index dropped 2 percent to 33,405, bringing the week's losses to 6.6 percent and reaching its lowest level since Oct. 28. Brazil's currency weakened to 2.4 to the U.S. dollar after opening at 2.3.

Mexico's benchmark IPC index meanwhile fell 2.4 percent to 18,578 as the peso lost 3 percent to trade at 13.5 to the U.S. dollar, a three-week low.

Argentina's Merval index lost 2.1 percent to close at 925.4, while Chile's IPSA index slipped 0.3 percent to 2,490 and Peru's IGBVL shed 2.1 percent to 7,194.



Latin American equities and currencies have been battered by the global economic downturn, with the region's biggest stock indices losing more than 40 percent of their value as wary investors dump assets to cover losses at home.

In New York, the Dow Jones Industrial Average slid 5.1 percent to 7,997, while the S&P 500, widely considered the broadest snapshot of corporate America, slipped 6.1 percent to 806.6. Both closed at their lowest levels since March 2003.



Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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