Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: Art Baeckel who wrote (21229)	8/3/2000 11:37:23 AM
From: Art Baeckel	Read Replies (1) \| Respond to of 22640

Mexican stocks slip in tandem with Wall Street Reuters Company News - August 03, 2000 10:08 Copyright 2000 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. Jump to first matched term By Cyntia Barrera Diaz MEXICO CITY, Aug 3 (Reuters) - Mexican stocks slipped 1.11 percent in first dealings Thursday amid razor-thin volume while tracking Wall Street's drop, traders said. The IPC index of 35 most-liquid shares was down 72.47 points at 6471 points. Meanwhile, the tech-heavy Nasdaq index tumbled 2.77 percent and the Dow Jones Industrial Average eased 0.21 percent. Volume on the broad Mexican market was a meagre 1.0 million shares. Of 14 active issues, there were 13 trading in the red and only one unchanged. Dragging down the market were Telmex, Walmex and Televisa, traders said. Bellwether Telefonos de Mexico L shares were off 0.40 peso, or 1.66 percent, at 23.75 pesos while its ADRs , or American Depositary Receipts, fell 13/16 to 50-1/2 in New York. Telmex has been on a slide for the past two weeks, hurt by poorer-than-expected second-quarter results. News last Friday that U.S. trade authorities initiated action against Mexico that could affect Telmex's market dominance further spurred selling of the company's stock. Telmex, Mexico's No. 1 telecommunications company, is the most demanded stock in the local market. Retailer Wal-Mart de Mexico V shares slipped 0.45 peso, or 2.01 percent, to 21.90 pesos. Grupo Televisa, the world's biggest Spanish-speaking media firm, fell 0.90 peso, or 2.88 percent, to 30.40 pesos per CPO share while its ADRs were down 1-7/16 at 64-15/16 on Wall Street. Market losses were also taking a toll on the local currency. Mexico's 48-hour peso contract opened 5.2 centavos weaker at 9.4070 per dollar Thursday. Traders also cited Friday's scheduled release of U.S. job data that could prove helpful in anticipating the Federal Reserve's next likely rate action. U.S. monthly employment data are closely watched by the Fed. Further evidence of tightness in the labour market may give impetus to U.S. central bankers to increase interest rates when they next meet on Aug. 22. Higher U.S. rates are no good news for Mexican companies since that makes it more difficult to access funding abroad. 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