MEXICO CITY, Aug 18 (Reuters) - Mexico’s stock exchange said on Thursday it will not replace steel maker Hylsamex when it delists and cuts the company from the IPC index next week, further narrowing the market’s already reduced breadth.
Acquisitions by big foreign players in Mexico in recent years have led to a string of delistings of blue-chip firms like cement maker Apasco, Bancomer bank and other financial groups, cutting into trading volume on the country’s bourse.
Hylsamex, which Argentine firm Techint is buying for $2.25 billion, will be delisted from the market as of Monday, leaving only 34 stocks in the IPC index, the stock exchange said.
The steel producer (HYLSAMXB.MX: Quote, Profile, Research) has accounted for about 1 percent of the index.
Fewer than 50 stocks trade in Mexico with what foreign institutional investors consider healthy liquidity and only a handful of small companies, mostly from the homebuilding sector, have held initial public offerings in recent years.
Mexicos Stock Index Falls on Political Concern: Latin Stocks
Mexicos stocks fell for a third day on concerns a Felipe Calderon administration would lack support in Congress to pass legislation opening the energy industry to private investment and keeping the budget balanced.
The Bolsa index fell 136.30, or 0.7 percent, to 19,563.85 as of 3:56 p.m. New York time, led by Wal-Mart de Mexico SA, Latin Americas largest retailer. Elsewhere in the region, Brazils Bovespa rose 403.66, or 1.1percent, to 36,544.30.
Mexicos Bolsa last week rose the most in three months after a second vote tally from the July 2
Mexicos economic activity grew 4.4 pct in Feb
Mexicos economy expanded a healthy 4.4 percent in February compared with a year earlier, government data showed on Thursday in the latest sign that growth picked up in the first quarter.
But Februarys year-on-year expansion was not as strong as Januarys 5.7 percent leap and economic output fell 0.61 percent in February from January on a seasonally adjusted basis. But it still set the basis for a solid quarterly GDP growth.
The monthly IGAE index measures about 96 percent of Mexican economic output, excluding only fishing and forestry.
Analysts in a Reuters poll had expected a
Mexicos Cablemas Postpones IPO Amid Tumble in Global Markets
Cablemas SA, Mexicos second-biggest cable company, postponed an initial public offering as a plunge in global stock markets eroded demand for the shares, a banker involved in the transaction said.
The company and shareholders decided not to take the company public at this time, said Pablo Pena, head of investment banking at Vector Casa de Bolsa SA, one of nine banks managing the transaction. He said Cablemas intended to raise as much as $247 million in the sale.
Mexicos benchmark Bolsa stock index has fallen 6.8 percent in the past seven
Crucial evidence may be lost in Mexican resort murder: coroner
The bodies of a Canadian coupled murdered in Mexico were returned to Canada on Monday. But the delay in returning the bodies may lead to the loss of crucial evidence, Toronto's regional coroner says.
Doctor David Evans said an autopsy may have already been conducted and the bodies embalmed, leading to the loss or contamination of potential evidence.
"Obviously, if you're looking for trace evidence, whether it's hair, fibres, DNA under the fingernails – all sorts of things – we'd have no idea what their protocol is for doing homicide autopsies,"
Mexico's Bolsa Rises, Led by America Movil, Cemex: Latin Stocks
Mexico's benchmark stock index rose to a record on the prospect of government spending on construction that will spur profits at companies such as cement maker Cemex SA.
The Bolsa index rose 150.54, or 1.1 percent, to 14,123.15 as of 1:50 p.m. New York time, surpassing the previous high July 14. America Movil SA, Latin America's No. 1 mobile-phone company, led the gain followed by Cemex, the world's third-largest cement maker. Elsewhere in the region, Chile's IPSA index of 40 stocks rose 1 percent to 2124.10, headed for a third
Mexico stock index hits all-time high
The heady growth of Mexico's stock market over the last three years continued unabated on Thursday as the benchmark IPC index broke through the key psychological 17,000 level for the first time ever.
After rising by 1.8 per cent in Thursday's trading, the IPC has now risen by 41 per cent in dollar terms in the first eleven months of this year, after growth of 46.9 per cent in 2004 and 43.5 per cent in 2003.
Soure: msnbc.msn.com
The Conference Board(R) Mexico Business Cycle Indicators(SM)
Mexico Leading Economic Indicators and Related Composite Indexes for July 2005
The Conference Board announced today that the leading index for Mexico increased 0.7 percent, and the coincident index increased 0.1 percent in July.
* The leading index increased again in July following a large gain in
June. Oil prices as well as stock prices continue to be the main
contributors to the increase in July. Despite short-term volatility,
the growth
Mexico's win streak ends
Mexican stocks fell Wednesday after reaching a new intraday high, ending a string of five record closes as investors locked in profits ahead of the long U.S. holiday weekend.
The market's key IPC index fell 0.9% to 16713.91. The index briefly rose above 17000 points before the week-long rally ran out of steam....
Source: marketwatch.com
The Conference Board(R) Mexico Business Cycle Indicators(SM)
Mexico Leading Economic Indicators and Related Composite Indexes for October 2005
The leading index was unchanged in October following four consecutive gains. Oil prices and stock prices were the main contributors to this month's weakness in the leading index, but in recent months the strengths among the leading indicators were relatively more widespread. Despite no change in October, the leading index continued to grow at about a 10.0 to 11.0 percent annual rate in recent months, well above the 3.0 to 4.0 percent rate
Mexico assets down on US economy, emerging markets
Mexican stocks and the peso fell on Friday on concerns of a slowdown in U.S. economic growth and a slump in emerging markets.
The IPC stock market index < .MXX> dropped 1.50 percent to 21,175.59 points and the peso currency was off 0.41 percent at 11.1000 per dollar.
Mexican markets fell sharply on Thursday after the Federal Reserve Bank of Philadelphia said its business activity index slid to -0.4 in September from 18.5 in August, its weakest level in more than 3 years.
Mexicos economy is especially vulnerable to a U.S. slowdown as Americans buy 90
