Mexican stocks end nearly flat tracking
Nasdaq
Reuters Company News - August 01, 2000 17:57
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By Cyntia Barrera Diaz
MEXICO CITY, Aug 1 (Reuters) - Mexican stocks ended nearly unchanged
Tuesday as a late fall on the U.S. Nasdaq index wiped out the modest intraday
gains made in an already lackluster, news-starved domestic market, traders
said.
The IPC index of 35 most-liquid shares ended the day up 6.44 points, or 0.10
percent, at 6507.77 points. The stock gauge peaked earlier at 6602.55 points.
The Nasdaq index , a key lead for Mexican shares, dropped 2.16 percent
Tuesday. Volume on the broad Mexican market hit 52.13 million shares. Of 59
active issues, gains outnumbered declines 33 to 18, while eight finished
unchanged.
Investors also seemed to ignore the launching Tuesday of the IMC30 , a new
stock index of 30 medium-capitalisation companies.
Bellwether Telefonos de Mexico L shares , closed off 0.75 peso at 23.95
pesos, while the ADRs , or American Depositary Receipts, eased 1-1/8 to
51-1/2 on Wall Street.
Telmex went on a non-stop slide, after poor second quarter results posted two
weeks ago. News late last week that U.S. trade authorities had initiated action
against Mexico that could affect Telmex's market dominance further clouded
the outlook.
Among the few bright spots of the day were the hefty gains on healthy volume
made by retailer Elektra and broadcaster TV Azteca. Elektra shot up 0.72
peso, or 7.68 percent, to 10.10 pesos per CPO share and its ADRs advanced
7/8 to 10-3/4.
Talk that Elektra might be interested in selling a 19 percent stake it currently
holds in TV Azteca to the Salinas family was identified as the main factor
behind the gains. Ricardo Salinas Pliego is the main shareholder in TV Azteca,
Mexico's second biggest TV company, and also head of the Elektra board. An
Elektra official said he had no comment on the market talk, while TV Azteca
executives did not return calls from Reuters.
Industrial conglomerate Grupo Desc C shares , among the most traded stocks
Tuesday on volume of 2.66 million shares, inched up 0.06 peso to 5.40 pesos
each. The B shares rose 0.24 peso, or 4.21 percent, to 5.94 pesos.
Traders said the company was planning a syndicated loan of between $150
and $200 million, although the operation was expected to be concluded in a
few more days. Proceeds are likely to be used for debt repayment, they added.
Industrias Penoles , the world's biggest silver and bismuth producer, and
vegetable seed company Savia set 52-week lows of 12.38 pesos and 43.85
pesos, respectively, Tuesday. Other helpful Mexican market information: *
Main percentage gainers * Main percentage decliners * Most traded shares *
Market statistics * Mexican ADRs * Mexican ADRs/Bolsa equivalent *
Mexican futures (MexDer) * Mexican peso * Mexican peso bids * Mexican
Cetes rates * Mexican indicators forecast * Indices display * Sector display *
Warrants * Buyer/Seller IDs * Brokerage characters * Detailed information *
Mexican market overview * Mexican oil prices * Domestic guide * Country
news 1/8MX 3/8 Other Latin American markets: * Argentina's MerVal *
Brazil's Bovespa * Chile's IPSA * Peru's IGRA * Venezuela's IBC |
