Monday, 24 August 2015 20:11
SAO PAULO: Stocks in Brazil and Mexico, Latin America’s two largest exchanges, fell sharply Monday as plunging Chinese shares unleashed fresh turmoil on global markets.
Sao Paulo’s IBOVESPA stock index fell 6.49 percent in opening trade before recovering slightly, with shares down 4.5 percent to 43,647 points at mid-morning.
Mexico’s IPC index meanwhile lost 2.18 percent, to 41,286.20 points.
The losses appeared to be driven by concern over shrinking Chinese demand for raw materials.
In Brazil, mining giant Vale, the world’s top iron producer, shed 7.06 percent. Steelmakers Gerdau and Usiminas registered losses of 11.11 percent and 9.12 percent, respectively.
China is the leading market for iron exports.
Shanghai’s stock market closed down 8.49 percent Monday, its biggest daily loss since 2007.
