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Mix-Ansicht- Auch mexikanische Aktien und Währung weiter unter Druck - Sascha, 11.07.2001, 21:34
Auch mexikanische Aktien und Währung weiter unter Druck
Wednesday July 11, 12:57 pm Eastern Time
<font size=5>Mexico stocks, peso slip on Argentina concerns</font>
By Sam Dagher
MEXICO CITY, July 11 (Reuters) - <font color="#FF0000">Mexico's stocks and currency on Wednesday slipped further in early afternoon trade </font>as investors opted for caution as a <font color="#FF0000">snowballing crisis </font>of investor confidence in Argentina rippled through Latin American markets, traders said.
Mexico's IPC index of leading 36 stocks fell 1.436 percent, or 96.27 points, to 6,616.77 points flirting with its support level of 6,600 points, they said.
<font color="#FF0000">"Investors are very cautious because of the Argentine situation,"</font> said a local trader.
<font color="#FF0000">Argentina's MerVal index sank nearly 7 percent in morning trade on Tuesday</font>.
The Mexican peso trimmed part of its early morning losses to <font color="#FF0000">9.30 per dollar, a loss of 14.50 centavos from Tuesday's close, after opening at 9.33 per dollar on Argentina worries</font>.
On Tuesday Argentina sold $827.7 million of 91-day Letes Treasury Bills at rates within market expectations after being besieged earlier by rumors, denied by the government, that the auction would fail or would be canceled. <font color="#FF0000">But the country sold the Letes at 14.01 annual percent yield, the highest rate for the paper in five years</font>.
Worries that Argentina's economic and political turmoil <font color="#FF0000">would spiral out of control undermined currency and equity markets throughout the region, including Mexico</font>, which so far has been largely immune to nervousness in other Latin American markets.
However, in a report on Wednesday Deutsche Banc Alex. Brown said Mexico would weather the potential fallout from a worsening Argentine crisis as was the the case in the aftermath of both the 1998 Russian debt default and the 1999 Brazilian devaluation when Mexico outperformed other markets in the region.
"Past crises tell us that being in the right country (currency) is much more important than being in the right stocks," said Deutsche's Latin American equity strategist Renato Grandmont."Additionally, Mexico outperformed Brazil following both crises (Russian and Brazilian)."
In local market action, shares of bellwether stock Telefonos de Mexico (Telmex), which account for 16 percent of the IPC, fell 1.13 percent to 15.73 pesos per share, its New York-listed ADRs fell 2.84 percent to $33.81.
Among the top percentage losers were shares of Mexico's largest bank BBVA Bancomer, shedding 3.96 percent to 8.74 pesos per share.
In corporate news, Mexico's largest retailer Wal-Mart de Mexico reported after the market close on Tuesday that June same-store sales grew by 5.9 percent compared with the year-ago period, blowing past analyst expectations of growth of between 3 and 4 percent growth and defying a slowdown in local consumption.
Shares of the retailer, a favorite of foreign investors, fell 2.78 percent to 24.45 pesos per share pressured by the overall market weakness, traders said.
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