Latam stocks plunge on slowdown worries

October 3, 2008 02:31


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Latin American stocks fell sharply Thursday on concerns that a global economic slowdown may be imminent despite the US Senate's passage of the US$700 billion bank rescue package. Sao Paulo's Ibovespa index led the losses, closing down 7.34 to 46,145. Argentina's Merval fell 5.27 percent to 1,520.92, and Mexico's IPC index dropped 4.3 percent to 24,027.35. Chile's IPSA was down 3.8 percent to 2,668, while Colombia's IGBC slipped 0.9 percent to 9,213.06. The losses were almost as deep as a market meltdown on Monday after the US House of Representatives failed to approve the bailout, and the trading marked a reversal from Wednesday, when stocks across Latin America made slight gains. Investors are skeptical about the bailout's ultimate effect on a faltering global economy. Latin America's commodity-heavy economies could be particularly hard hit if worldwide demand for the region's raw materials falls.

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