EMERGING MARKETS-Latin American stocks turn positive

* Mexico's IPC up 0.2 pct, Bovespa gains 1 pct

* Chile's IPSA gains modest after previous record close

* Brazilian Miner Vale down on loan from China (Adds commentary, graphs update prices)

By Caroline Stauffer and Alvaro Tapia

MEXICO CITY/SANTIAGO, Sept 10 (Reuters) - Latin American stock indices turned positive on Friday afternoon as investors wait for clearer signals of economic recovery in the region and in the United States, an important regional trade partner.

The MSCI Latin American stocks index <.MILA00000PUS> gained 0.16 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 0.21 percent on mixed economic signals, but was down 2.4 percent from the previous week's close.

The country's top retailer, Wal-Mart de Mexico , gained 0.37 while Latin America's biggest wireless operator, America Movil , shed 0.37 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 a modest 0.07 percent as iron ore producer CAP lost 3.1 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 set 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 0.17 percent, led by a 6 percent gain in logistics company LLX .

Preferred shares in Brazilian oil giant Petrobras traded evenly after closing down in the two previous sessions ahead of a huge stock offering later this month.

The shares were down nearly 4 percent from the previous week's close.

Preferred shares in mining giant Vale , the company's most widely traded class of stock, dropped 0.91 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 Dan Grebler)