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

To: Steve Fancy who wrote (21439)	8/21/2000 8:17:26 PM
From: Art Baeckel	Read Replies (1) \| Respond to of 22640

Mexican stocks end off 0.65 pct, await Fed Reuters Company News - August 21, 2000 16:53 Jump to first matched term (Updates with preliminary closing stock prices. IPC close is definite) By Cyntia Barrera Diaz MEXICO CITY, Aug 21 (Reuters) - Mexican stocks reversed early gains and ended in negative ground on Monday as investors switched to a cautious mood ahead of Tuesday's rate-setting Federal Reserve meeting, traders said. The IPC index , grouping the market's 35 most-liquid shares, ended off 41.53 points, or 0.65 percent, at 6345.13 points. Earlier, it had peaked at 6436.92 points as prices firmed a modest 0.79 percent. Participants stepped more cautiously towards the session close as the countdown to Tuesday's Fed gathering cooled buying. U.S. central bankers will decide tomorrow whether there is enough evidence of inflation to warrant an interest rate hike. But Wall Street sentiment is that despite a robust U.S. economy, prices remain well under control. Therefore, the Fed will likely wait for more inflationary signals before taking a hawkish stance. Higher rates could slow U.S. growth and squeeze funds available for emerging markets such as Mexico. Domestic job data were largely ignored by the market. Mexico's July unemployment rate, released shortly before the close, fell to 2.03 percent compared to June's 2.11 percent advance. The result was below the market forecast of a 2.28 percent increase. Volume on the broad Mexican market contracted to 27.98 million shares from Friday's 40.23 million. Decliners outnumbered gainers by 27 to 19, while 24 issues ended unchanged. Turnover was 559.9 million pesos, or $60.45 million. Top percentage advancer was Telefonos de Mexico on its A shares , which ended 1.35 pesos higher, or 6.14 percent, at 23.35 pesos upon preliminary closing data. These shares are not included in the IPC index. But the company's L shares , which account for about 28 percent of the IPC index on a daily basis, were 0.15 peso weaker on last trades at 23.40 pesos each. Telmex's ADRs, or American Depositary Receipts , eased 1/2 to 50-3/4. Grupo Radio Centro, one of the country's main radio broadcasters, rose 0.40 peso, or 4.26 percent, to 9.80 pesos per CPO share while its ADRs in New York firmed 1/8 to 9-3/8. The Valores Finamex brokerage reiterated RCentro's market performer recommendation on Monday but increased the firm's December target price to 11.10 pesos per share, or $10.10 per ADR. Troubled builder Grupo Tribasa fell to a new 52-week low at 0.50 peso per share and 1-3/16 per ADR on Monday, building on recent weeks' weakness. Some traders attributed the decline to unconfirmed reports that a huge Mexican development bank could sue Tribasa after the builder failed to make a $50 million payment. Corn flour producer Maseca set another year-low at 3.26 pesos per B shares during the session. Traders said the company's downward trend, which has increased in the past two weeks, could be due to purchases by its parent company Gruma . Gruma has already a stake of over 80 percent in Maseca but has said it plans to continue the buyback. The Mexican 48-hour peso ended 4.55 centavos firmer at 9.2620 per dollar, recovering part of the ground lost on Friday due to heavy greenback demand. Overnight rates on Cetes, or T-bills, retreated 150 basis points to 15.0 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 --------------------------------------------------------------------------------