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 Business News | October 2006 
Mexican Stocks Rise to New Record, Peso Flat
 Reuters
| | The bulk of Mexican companies are expected to start reporting results for the July-Sept quarter in a couple of weeks. |
Mexican stocks rose to record territory for a second straight session on Thursday as investors bet on another strong earnings reporting season in Mexico, traders said.
The IPC stock index (.MXX) rose 0.78 percent to 22,279 points.
On Wednesday, stocks jumped 2.2 percent to finish at a record closing high, also helped by optimism that U.S. rates would remain steady. Rising U.S. rates tend to pull money out of emerging nations like Mexico as investors seek better returns.
Cement maker Cemex (CEMEXCPO.MX) led the charge, as its shares added 0.71 percent to 34.09 pesos while its New York-traded stock (CX.N) gained 0.13 percent to $30.90.
America Movil (AMXL.MX), Latin America's leading cellular company, rose 0.95 percent to 22.20 pesos and its American Depositary Receipts (AMX.N) firmed 1 percent to $40.37.
In currency trading, the peso (MEX01) was about flat at 11.0220 to the dollar.
The bulk of Mexican companies are expected to start reporting results for the July-Sept quarter in a couple of weeks.
Investors will keep an eye on Friday's release of U.S. unemployment data for further clues on the future of the U.S. economy.
A potential U.S. slowdown could hurt Mexico, as it would likely mean weaker demand for its products from its northern neighbor. The United States is Mexico's main trade partner. |
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