Mexican stocks end up 0.56 pct at 6543.93
points
Reuters Company News - August 02, 2000 18:20
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By Cyntia Barrera Diaz
MEXICO CITY, Aug 2 (Reuters) - Mexican stocks edged 0.56 percent
higher by the close Wednesday, supported by small gains in Telmex, Telecom
and Walmex, but dull investor demand and a lack of company-specific news
capped volume, traders said.
The IPC index of 35 most-liquid shares rose 36.16 points to 6543.93 points.
Volume on the broad Mexican market reached 41.9 million shares, below
Tuesday's 52.13 million. Of 71 active issues, declines outnumbered gains 34 to
20, with 17 unchanged.
The battered L shares of bellwether stock Telefonos de Mexico rose 0.20
peso to 24.15 pesos, but the ADRs closed off 3/16 at 51-5/16.
Telmex went on a slide two weeks ago after posting poorer- than-expected
second quarter results. News late last week that U.S. trade authorities initiated
action against Mexico that could affect Telmex's dominance in the local market,
spurred further selling. Telmex, Mexico's No. 1 telecommunications company,
is the most in demand stock on the local market.
Retailer Wal-Mart de Mexico V shares rose 0.50 peso, or 2.29 percent, to
22.35 pesos, while its less-liquid C shares firmed 0.80 peso, or 3.79 percent,
to 21.90 pesos.
"Pure bargain-hunting. Prices are cheap, but nothing besides that," said one
trader, referring to the revived activity surrounding Walmex.
Carso Global Telecom , a Telmex holder, firmed 0.45 peso to 24.95 pesos per
share.
Grupo Elektra closed among the most popular stocks for the second
consecutive day on volume of 3.02 million shares.
The company confirmed Wednesday that it planned to sell a 18.3 percent stake
it currently holds in Mexico's second biggest broadcaster TV Azteca in a deal
that will fetch $316 million. After rallying 7.68 percent the previous session,
Elektra CPO shares returned some gains, closing off 0.14 peso at 9.96 pesos.
The ADRs closed steady at 10-3/4.
Builder Empresas ICA was the session's top percentage gainer as its shares
rose 0.15 peso, or 6.52 percent, to 2.45 pesos. The company announced
Wednesday that it was teaming with Europe's Proactiva Medio Ambiente to
launch a new company, CIMA, focused on the sewage treatment business.
Proactiva counts France's Vivendi and Spain's Fomento de Construcciones y
Contratas among its shareholders.
Steel companies Hylsamex , a unit of industrial giant Alfa , Grupo Imsa and
chemical firm Tekchem set 52-week lows Wednesday.
But the shares of bottler Coca-Cola Femsa rose to a 52-week high of 19.06
pesos before slipping to 18.9 pesos by the close. 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 |
