Dec 27 (Reuters) - Gains in Chile"s peso and Brazil"s real helped support an index of Latin American currencies on Monday with the peso recovering after its worst weekly drop since mid-November, while Latam stocks firmed for the fifth straight session. The gains in the peso , which led a rise across most emerging market currencies in holiday-thinned trade, came after it lost 2.4% last week mainly due to fears over the economic direction likely to be adopted by leftist Gabriel Boric after his victory in the presidential run-off election. The currency of Latin America"s largest economy, Brazil , firmed 0.7% and an index of Latin American currencies (.MILA00000CUS) rose 0.3%. However, other currencies in the region fell with those of oil-exporting nations, Mexico and Colombia down 0.2% and 0.5% despite stronger oil prices. The Argentine peso lost 0.2%. The peso had hit a five-week high on Friday last week, primarily on stronger oil prices, but analysts painted a bleak picture for Mexican economic growth after weak third-quarter economic growth data on Friday. "We have become more concerned about the negative inertia in some sub-sectors, especially within services, and believe downward risks to our 5.0% GDP (gross domestic product) growth estimate for the year have increased," said Citigroup strategists in a note. Latin American stocks (.MILA00000PUS) gained 0.9% with Wall Street"s S&P 500 (.SPX) set to end at record highs, but coronavirus concerns weighed, with several airlines across the globe cancelling flights on fears about the spread of the Omicron variant. Turkey"s lira dropped after rocketing more than 50% from record lows last week when new measures were unveiled to contain its free fall. read more Peru"s sol inched 0.3% higher, while concerns about copper production at MMG Ltd"s (1208.HK) Las Bambas copper mine in the country kept gains in check. Peru is the world"s second-largest producer of copper. An index of EM stocks (.MSCIEF) rose. China shares ended steady, while most shares in emerging Europe, Middle East, Africa rose. Chile stocks led gains among some of the major indices, up about 1% (.SPIPSA) Key Latin American stock indexes and currencies at 1936 GMT: Stock indexes Latest Daily % change MSCI Emerging Markets (.MSCIEF) 1222.13 0.13 MSCI LatAm (.MILA00000PUS) 2119.29 0.91 Brazil Bovespa (.BVSP) 105601.87 0.68 Mexico IPC (.MXX) 53206.46 0.67 Chile IPSA (.SPIPSA) 4281.89 0.95 Argentina MerVal (.MERV) 84853.39 0.004 Colombia COLCAP (.COLCAP) 1401.41 -0.02 Currencies Latest Daily % change Brazil real 5.6364 0.73 Mexico peso 20.7085 -0.52 Chile peso 856.9 0.82 Colombia peso 3996.6 -0.23 Peru sol 3.97 0.37 Argentina peso (interbank) 102.5400 -0.22