Swine Flue hits Latin American markets

[TonyGosling]

Mexican stocks also remained in the red, but off their worst levels of the session, in the wake of a 6.0 earthquake hit 200 miles south of Mexico City, according to the U.S. Geological Survey.

Mexico's IPC fell 3.3% to 21,827.11 and gave up as much as 5% during the session. Shares of Mexican market heavyweight America Movil (AMX) dropped 2.3% and lost nearly 9% earlier in the session.

Brazil's Bovespa index lost 2% to 45,819.71 and Chile's IPSA fell 0.7% to 2, 661.65. Argentina's Merval turned lower, slipping 1% as shares of market heavyweight Tenaris (TS) lost grip of gains to fall 0.5%.

The swine-flu outbreak, which is believed to have started in Mexico, has now killed 149 there, according to Mexican health officials, and 776 remain hospitalized. The Calderon administration late last week shut down museums, government-run theaters and other public places, and has distributed surgical masks in an effort to help limit the spread of the illness. School closures are slated to last through May 6.

"Unfortunately, Mexico is having this problem in the biggest city in terms of population," said Alfredo Coutino, director of Latin America at Moody's Economy.com, in a telephone interview Monday.

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