Mexico's Bolsa index fell for a second straight week, led by cement-maker Cemex SAB, on concern that demand may slow in construction markets in the U.S. and Spain.

Mexico's Bolsa index fell 206.20, or 0.7 percent, to 30,096.03 Saturday, for a 0.5 percent weekly decline. The Bovespa Index of the most-traded stocks on the Sao Paulo exchange dropped 237.18, or 0.4 percent, to 54,671.00, a 0.2 percent weekly gain.
Cemex SAB, North America's largest cement maker, fell for the fifth time in six days on concern its third-quarter earnings estimate, expected Sept. 17, may reflect slowing demand in the U.S., where it gets one quarter of revenue. Cemex shares fell 1.06 peso, or 3.2 percent, to 32.37 pesos. The weekly decline of 7.1 percent was the most in six months.
“It may benefit from the inclusion of results of Rinker, but they're going to continue to show weakness in the U.S. and Spain,” analyst Francisco Chavez Martinez of BBVA Bancomer said in a phone interview from Mexico City. Cemex bought Australian building materials company Rinker Group Ltd. for $14.2 billion on July 16.
Analysts Gonzalo Fernandez and Vivian Salomon at Santander Investment expect Cemex to estimate that revenue for the third- quarter will rise 5 percent not including acquisitions. Earnings before interest, taxes, depreciation and amortization, a measure of cash flow known as Ebitda, probably will fall 8 percent for the quarter, excluding the purchase of Rinker, the analysts said in research note sent today.
-------------Leading the slide
Cemex led the Bolsa index's weekly decline, and accounted for almost two-fifths of today's drop.
Brazil's Bovespa stock index fell for a third time this week, led by state-controlled oil company Petroleo Brasileiro SA on falling oil prices, after OPEC said slowing growth in the U.S. will curb demand. Petrobras accounted for three-fourths of the slide.
The Organization of Petroleum Exporting Countries forecast today that demand for its crude oil will fall next year and said the rising cost of credit may slow global growth. Crude oil fell 1.2 percent in New York as Valero Energy Corp. and Total SA started refineries that have been closed since Hurricane Humberto hit Texas.
Petrobras fell for the first time in four days, dropping 1.05 real, or 1.9 percent, to 54.30 reais.
“High oil prices were really favoring Petrobras,” said Nelson Rodrigues de Matos, oil analyst at Banco do Brasil Investimentos.
In other Latin markets, Chile's Ipsa index rose 1.1 percent to 3,167.87, paring its weekly loss to 1 percent. Chile's Central Bank raised its lending rate yesterday for the third time since July at its monthly meeting, seeking to tame inflation driven by food prices.
The main stock indexes in Argentina and Chile gained, while those in Colombia and Peru fell. Venezuela's IBVC index was little changed. The Morgan Stanley Capital International index of Latin American shares fell 0.7 percent today to 3,741.14, for a 1.6 percent weekly gain.
The following are the most-active stocks in Latin American markets today. In Brazil, the preferred share is usually the company's most-traded class of stock. Brazil
Cia. Vale do Rio Doce (VALE5 BS) fell 56 centavos, or 1.3 percent, to 43.60 reais. Shares climbed 6.4 percent in the previous three days.
Cosan SA Industria & Comercio (CSAN3 BS) gained for a fourth day, advancing 20 centavos, or 0.8 percent, to 25.60 reais. As sugar prices fall because of increasing supply “investors are opting for companies that have flexibility in producing sugar or ethanol,” said Peter Ping Ho, analyst at Planner Corretora in Sao Paulo. “With oil breaking $80 a barrel, it could stimulate people to opt for biofuels.”
Grupo Mexico SAB (GMEXICOB MM), Mexico's largest copper miner, gained for a fourth day, advancing 47 centavos, or 0.6 percent, to 75.51 pesos. Copper in New York headed to a weekly gain on speculation demand will rise in China.
Grupo Televisa SA (TLEVICPO MM), Mexico's largest broadcaster, fell for a third time this week, dropping 94 centavos, or 1.6 percent, to 57.29 pesos. Mexico's Senate passed a law that will bar most political advertising during elections and require broadcasters to provide free airtime for campaign information. The bill must still be approved in the lower house.
(Source: Bloomberg