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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments -- Ignore unavailable to you. Want to Upgrade?

To: TRIIBoy who wrote (11784)	10/28/1999 3:50:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 18998

ADR Report-Latin American market highlights-Oct 28 Reuters, Thursday, October 28, 1999 at 15:34 NEW YORK, Oct 28 (Reuters) - Latin American ADRs, or American Depositary Reciepts, gained Thursday amid benign U.S. inflation data, and strong gains in Mexico's Telefonos de Mexico (NYSE:TMX) (MEX:TELMEXL). The Bank of New York index of leading Latin American ADRs <.BKLATAM> climbed 2.4 percent to 87.99. The Dow Jones industrial average (INDEX:$INDU) rose 227 points to 10,622, bolstered by a benign Employment Cost Index figure that eased concerns about higher interest rates. The ECI Index rose 0.8 percent in the third quarter. Economists polled by Reuters had expected a rise of 0.9 percent. ADR traders said Telmex's sharp gains were mostly attributed to heavy buying to cover short positions taken earlier this month. The Mexican telecom firm's ADRs rose 5-11/16 to 85-5/16 in modest volume of 2.7 million shares. Brazil's Central Bank raised a seven-year bond issue to 500 million euros from 300 million. The outlook for Argentina in the medium and long-term appears to be reasonably good, Lehman Brothers said in a research note. Improvements in global liquidity and greater government reliance on alternative means of finance will likely decrease international dependency. Chase head of Latin American equities Wayne Perkins said in a note that foreign direct investment into the region is at or near record levels even as flows of dedicated and emerging market funds have been negative. He said that the foreign direct investment is a bullish sing for the future and reveals that the region has strengths that are not factored into market prices. The following are other emerging market highlights: * * * MEXICO - Bear Stearns said Thursday that it cut its rating on Mexico's Grupo IMSA SA de CV (NYSE:IMY) (MEX:IMSAUBC) to neutral from buy, noting the ongoing uncertainty regarding the timing and benefits of the pending acquisition of steel firm Ahmsa (MEX:AHMSA) (NYSE:IAM). It also said in a research note that IMSA's management informally outlined long restructuring timetable that could extend through most of next year and said information about the deal may be scare for next several months due to confidentiality pacts with banks. IMSA ADRs were last down 1/16 to 15-3/8. Goldman Sachs raised its rating on Kimberly-Clark de Mexico (NYSE:KMB) (MEX:KIMBERA) to the Latin America recommended list from market outperformer. * * * BRAZIL - Lehman Brothers said in a research note that it thinks Embratel Participacoes SA (NYSE:EMT) are an appealing long-term investment in Brazil because it expects continued penetration into the intra-state market, lower interconnection tariffs and transport expense and growth in the data market boosted by the Internet. Embratel's ADRs were last up 1/2 at 12-7/8. Telebras (NYSE:TBH) ADRs gained 2-3/8 to 76-3/4. Copyright 1999, Reuters News Service