EMERGING MARKETS-Brazilian stocks hit nine-month high
(Recasts, updates to close)
* Redecard and Petrobras lift Brazil's Bovespa
* Mexico IPC near flat, Chile IPSA falls 0.34 pct
* Brazil Bovespa rises 1.06 pct
By Roberta Vilas Boas and Michael O'Boyle
SAO PAULO/MEXICO CITY, Feb 7 (Reuters) - Brazilian stocks rose on Tuesday to a nine-month high fueled by optimism that state-controlled oil company Petrobras will beat 2011 output expectations and by gains in card payment processor Redecard.
The MSCI Latin American stock index advanced 0.48 percent to its highest in more than six months, supported by Brazil's stock exchange's gains.
The Bovespa has surged 17.5 percent this year, driven by foreign investors who in January poured in an additional 7.2 billion reais ($4.18 billion). The infusion made for the biggest monthly inflow since Brazil adopted the real in July 1994.
"The stock market is holding strong, with a strong inflow of foreign investments coming into Brazil. The news of Redecard's buyout and the stock's jump helped spur the market on," said Jose Goes, an analyst at Rio de Janeiro-based brokerage Stock Asset. Continuación...