Latin American stocks soared on Tuesday, boosted by potential public offers and takeovers in Peru and Brazil as well as the prospect of a market-friendly government in Argentina. Brazilian stocks rose nearly 3 percent on Tuesday, their biggest one-day percentage gain since the start of the year, as shares of Petróleo Brasileiro SA rallied after a Cabinet minister raised the prospect of privatizing the state-controlled oil company. Argentina's leading Merval stock index rose for the 13th straight session on Tuesday, the longest streak in its history, as polls showed the market-friendly government likely to win in October's legislative elections. Rounding out the region's broad-based gains, the Peruvian and Chilean stock exchanges also closed with big gains. The surge in Brazil was driven by shares of Petrobras , as the company is known, which rose about 4 percent to a seven-month high after Brazil's mines and energy minister said in an interview late Monday that a privatization would be feasible in the long run. His remarks added fuel to a controversy over state asset sales in Brazil, a key part of President Michel Temer's efforts to increase competitiveness and balance the government's budget. "It's a remote possibility, especially considering that we're approaching presidential elections next year," strategists at Coinvalores brokerage wrote in a client note. "Nevertheless, this should brighten the mood around Petrobras shares, which currently seem too cheap." On Tuesday, Mines and Energy Minister Fernando Coelho Filho said Temer is not planning on privatizing Petrobras, focusing instead on an ongoing plan to sell off state control of power utility Centrais Elétricas Brasileiras SA, or Eletrobras. Preferred shares in Eletrobras were among the biggest gainers on Brazil's benchmark Bovespa stock index . The Peruvian stock exchange closed on Tuesday with its biggest gains in a year and a half after the miner Volcan received an offer to buy some of its shares. The Chilean peso led the gains among Latin American currencies, tracking an increase in prices of copper, a key export. Bargain-hunting propped up copper futures this month after it fell nearly 5 percent in September. Mexico's IPC stock exchange closed up 0.26 percent, driven by gains in billionaire Carlos Slim's America Movil. The Mexican peso was up 0.03 percent as the market awaited U.S. employment data and a speech from U.S. Federal Reserve Chairman Janet Yellen. Key Latin American stock indexes and currencies at 1950 GMT: Stock indexes Latest Daily YTD pct pct change change MSCI Emerging Markets 1,097.04 1.3 25.6 MSCI LatAm 2,986.53 2.31 24.72 Brazil Bovespa 76,535.86 2.93 27.08 Mexico IPC 50,630.30 0.26 10.93 Chile IPSA 5,420.14 0.91 30.56 Chile IGPA 27,086.96 0.93 30.64 Argentina MerVal 26,629.00 1.06 57.40 Colombia IGBC 11,112.81 0.09 9.72 Venezuela IBC 514,559.50 0.76 1522.95 Currencies Latest Daily YTD pct pct change change Brazil real 3.1449 0.31 3.32 Mexico peso 18.2240 0.03 13.83 Chile peso 632.16 0.99 6.10 Colombia peso 2,954.55 -0.19 1.59 Peru sol 3.262 0.34 4.66 Argentina peso (interbank) 17.4100 0.06 -8.82 Argentina peso (parallel) 17.85 0.62 -5.77 (Reporting by Bruno Federowski; Editing by Phil Berlowitz and Jonathan Oatis)