EMERGING MARKETS-Latam stocks end week with small gains

* Mexico's IPC and Brazil's Bovespa close up 0.3 pct

* Chile's IPSA gains modest after previous record close

* Brazilian Miner Vale down on loan from China

(Update prices to close)

By Caroline Stauffer and Alvaro Tapia

MEXICO CITY/SANTIAGO, Sept 10 (Reuters) - Latin American stock indices ended up slightly on Friday as investors await clearer signs on the pace of economic recovery.

The MSCI Latin American stocks index <.MILA00000PUS> gained 0.21 percent after dropping slightly earlier in the session.

"Markets are showing a mixed performance, representing a lack of big news or economic data," said Eduardo Avila, an analyst at brokerage Monex in Mexico City.

Mexico's IPC Index <.MXX> edged up 0.33 percent on mixed economic signals, but was down 2.6 percent from the previous week's close.

Base metals miner Penoles rose 2.19 percent while Latin America's biggest wireless operator America Movil shed 0.44 percent.

"I think the market will be focused on the debate over a new economic stimulus package in the United States and how this will effect recovery in the coming sessions," said Carlos Gonzalez, a financial analyst at Ixe in Mexico City.

Chile's blue-chip IPSA index <.IPSA> gained 0.27 percent though iron ore producer CAP dropped 2.47 percent.

"We're seeing that stocks that rose sharply are showing some profit-taking," said Jorge Kehdy, an analyst at BCI brokerage in Santiago.

The index gained nearly 5 percent in a week in which it touched two consecutive closing highs on upward growth revisions and a post-earthquake construction boom.

Even if the benchmark IPSA -- Latin America's top performer this year -- slows its pace of growth somewhat, the bourse is set to tap records as underperforming companies in the retail, industrial and energy sectors catch up with the bullish market, experts said. For details, see [ID:nN10268446]
For Latam stocks graphic, see http://link.reuters.com/sah72p For IPSA graphic, see http://link.reuters.com/ben72p ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

Brazil's Bovespa index <.BVSP> gained 0.27 percent, led by an 8 percent gain in logistics company LLX .

Preferred shares in Brazilian oil giant Petrobras fell 0.29 percent.

The shares dropped for a third straight session, losing nearly 4 percent from the previous week's close as investors in the oil giant tried to push down share prices before a huge stock offering takes place later this month.

Preferred shares in mining giant Vale dropped 0.77 percent. The world's largest iron ore producer said on Friday it signed an agreement with two Chinese lenders to borrow $1.23 billion to finance the construction of 12 shipping vessels. [ID:nN10247368] (Reporting by Caroline Stauffer in Mexico City and Alvaro Tapia in Santiago; Editing by Chizu Nomiyama)