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NEW YORK (CNNfn) - Latin American equities markets stole the hemispheric spotlight Friday, with major bolsas closing higher despite afternoon losses on Wall Street and a disappointing end of Toronto's record-breaking rally.
Toronto stocks retreated from the crucial 7,400 point barrier -- broken for the first time Thursday -- as traders converted the week's gains into cash.
The Toronto Stock Exchange's key 300 Composite Index closed down 17.19 points, or 0.23 percent, at 7,385.10. Volume was high, with 57.1 million shares worth C$1.25 billion traded.
Traders pointed to blue-chip weakness in New York, where the Dow Jones industrial average slipped 57.04 by the close to end at 8.602.52, its second consecutive day lower.
Bolsas bank on blah bonds
Mexican stocks extended an earlier advance in mid-afternoon trade Friday due to continuing flatness in the U.S. bond market, dealers said.
"The Dow helped this morning and now relatively low U.S. bond yields seem to be helping us," a desk trader said. "Players are evidently stepping in here, looking for other markets in which to invest."
The leading IPC index ended up 27.04, or 0.57 percent, to close at 4,785.41. The benchmark U.S. 30-year Treasury bond yield stood at 5.89 percent, only marginally better than Monday's close of 5.87 percent.
Caracas stocks closed up as interest rates fell for the first time in months and leading utility Electricidad de Caracas leapt ahead on the prospect of rate increases, traders said.
President Rafael Caldera had said Thursday that implementation of long-awaited rules governing tariff rises in the electricity sector was back on track.
"That message was well taken by investors," Delta broker Eduardo Soto said.
The bolsa's 15-stock IBC index closed up 2.66 percent, gaining 192.92 points to 7,452.24. Volume grew to 138 million shares, worth 5.7 billion bolivars ($10.9 million).
Lower Venezuelan interest rates combined with the continuing flatness in Treasurys also helped the bolsa, traders said.
"Venezuela's benefited from low U.S. bond yields. It sent buyers looking for other investments, such as Venezuelan equities," said Econoinvest broker Jesus Quintero.
Brazilian shares closed firm on healthier volume Friday, underpinned by an improved local economic outlook and overnight rises in major Asian stock markets, brokers said.
The Sao Paulo bolsa's key 51-stock Bovespa index closed up 1.85 percent, or 210 points, to 11,566, taking the week's gains to 3.65 percent.
Market turnover rose to 819.3 million reals ($725.04 million), up from Thursday's 610.4 million reals, boosted by rising foreign inflows. 
-- from staff and wire reports
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