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Strategies & Market Trends : SFN Grupo Financiero Serfin

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To: Panita who wrote ()	12/2/1998 10:27:00 PM
From: Panita	Read Replies (1) of 18

Mexican stocks close higher on Fobaproa optimism MEXICO CITY, Dec 2 (Reuters)7:30 p.m. - Mexican stocks closed higher on Wednesday, buoyed by financial group shares that got a lift from market optimism over a possible resolution soon for the Fobaproa bank bailout controversy, dealers said. The IPC index of leading stocks gained 66.01 points or 1.76 percent to 3815.39 points. Eight of the top 10 percentage gainers were for financial groups, which have been punished over the past year in part because of uncertainty over what the government and Congress will do with Fobaproa, a fund holding $60 billion of bad bank debt stemming from the 1994-95 economic crisis. ''If Fobaproa is about be to solved we saw it today in the financial groups,'' said Hector Jimenez, chief analyst at the Inverlat brokerage. ''If it is confirmed this week or next it could push the market toward 4000 points.'' The L and B shares of Grupo Financiero Banamex-Accival led the percentage gainers, up about 15 percent each. Other financial group shares cleaning up were Bancomer , BBV-Probursa , Serfin and Banorte . Trading volume in the financial stocks was brisk, pushing overall volume to 123.78 million shares. Warning: part of the article may be missing at this point. Turnover was more than 1.078 billion pesos, about $108.44 million. Winners outpaced losers by 50 to 30 out of 90 stocks traded.

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