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

To: Art Baeckel who wrote (21258)	8/8/2000 7:49:45 AM
From: Art Baeckel	Read Replies (2) \| Respond to of 22640

Mexican stocks close 0.79 pct firmer, Nasdaq lifts Reuters Company News - August 07, 2000 16:54 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 (Updates with preliminary closing stock prices. IPC close is definite) By Cyntia Barrera Diaz MEXICO CITY, Aug 7 (Reuters) - Mexican stocks closed 0.79 percent higher Monday, helped by late afternoon gains on the U.S. Nasdaq index, after trading in a tight range on wafer-thin volume and investor apathy, traders said. The IPC index of 35 most-liquid shares ended up 52.33 points at 6635 points, just below the intraday high. Shares bottomed out at 6565.13. Year-to-date, the index is 6.94 percent weaker. Volume on the broad Mexican market rose to 44.2 million shares from Friday's 27.52 million, which was one of its lowest levels this year. There were 25 gains for every 34 declines Monday, with 14 issues closing steady. The technology-heavy U.S. Nasdaq index , a key lead for local shares, closed 2.0 percent stronger at 3862.99. "The market is near dry. People seem just to be holding positions. There's barely any activity there," said one trader. "The market is completely trendless ... and seems this week is going to remain pretty much the same." Last week, stocks found support around 6500, but given the bearish signals recently displayed by the market, analysts fear selling could push shares down to a new floor in the 6200 point region if investors do not get any company news. Market cautiousness is much related to the upcoming Aug. 22 meeting of the U.S. Federal Reserve, which will decide whether or not to raise interest rates, traders said. The lack of participants was also due to the summer holiday season. Analysts will keep their attention on U.S. indicators as they look for indications about the likely direction of U.S. rates. The U.S. producer price index (PPI), a key inflation gauge, is due Friday. Higher U.S. rates are regarded as bearish for emerging nations like Mexico because local companies face tougher terms when accessing credit abroad. According to preliminary closing figures, bellwether Telefonos de Mexico L shares firmed 0.75 peso to 25.10 pesos, while its ADRs gained 1-13/16 to 53-13/16 on Wall Street. Insurance company Grupo Nacional Provincial , a low-liquidity stock, was among the most-traded shares of the day after brokerage Valmex crossed 6.4 million of its shares. GNP closed off 0.72 peso at 19 pesos. Grupo Televisa, the world's biggest Spanish-language media company, inched up 0.10 peso to 31.30 pesos per CPO share , while its ADRs firmed 1/4 to 67 in New York. On Monday, corn flour maker Maseca , pharmaceutical firm Nadro and steel companies Hylsamex -- a unit of conglomerate Alfa -- and Imsa set 52-week lows. In company news, Internet portal Todito.com, 50 percent owned by computer retailer Grupo Dataflux, said it was ready to ink a deal with a U.S. partner to strengthen its position among the fast-growing Spanish-speaking on-line market north of the border. A deal could be signed as early as two weeks, according to a Todito official. Dataflux B shares , which joined the IPC stock index last week, ended 0.08 peso higher at 2.58 pesos Monday. TV Azteca, Mexico's second biggest broadcaster, which holds the other 50 percent in the Todito portal, fell 0.30 peso to 7.34 pesos, according to preliminary closing figures. Its ADRs fell 7/16 to 12-1/2. Domestic indicators due in the coming days include Mexico's inflation data, to be released Wednesday. Analysts polled by Reuters expect the consumer price index (CPI) in July to be up 0.52 percent, compared with June's 0.59 percent. The benchmark 48-hour peso closed 0.7 centavo firmer at 9.3330/9.3380, while rates on the overnight Cetes , or T-bills, rose 95 basis points to 14.75 percent by the close Monday. 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