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DJ Mexico Stocks Close Higher On America Movil; IPC Up 0.1%

Posted on: Tue, 29 Sep 2009 17:12:00 EDT

Symbols: AMOV

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MEXICO CITY, Sep 29, 2009 (Dow Jones Commodities News Select via Comtex) --
AMOV | Quote | Chart | News | PowerRating -- e>By Paul Kiernan
Of DOW JONES NEWSWIRES

Mexico's leading stock index closed higher for a third-straight session Tuesday despite losses in a number of major issues, as market heavyweight America Movil (AMX) shares continued to rebound from last week's sell-off.

The benchmark IPC index of 35 most-traded issues rose 0.1%, or 30.02 points, to close at 29,432.01. Volume was 217 million shares traded at a total value of 6.21 billion pesos ($459 million).

The peso also made slight gains, and was quoted closing in Mexico City closing at MXN13.5265 to the dollar, compared with MXN13.5330 after the open and MXN13.5480 at Monday's close.

Following a big rally in the previous session, the mood in equity markets was dampened Tuesday by an unexpected drop in U.S. consumer confidence in September from August.

The Dow Jones Industrial Average, which local stocks often track, closed down 0.5%.

Mexican cement giant Cemex (CX) CPO shares sank 1.7% to MXN17.53, fixed-line phone company Telmex (TMX) L shares fell 0.6% to MXN11.73, and retailer Wal-Mart de Mexico (WMMVY) V shares slid 0.4% to MXN47.73.

Helping to keep the IPC in the black, however, were wireless operator America Movil L shares, which rose 0.7% to MXN29.64 amid robust trading volume.

Martin Lara, a telecommunications analyst at the local Vector brokerage, attributed the gains to bargain-hunting, as the shares fell nearly 5% last week.

"Now is the rebound," he said, adding that Vector has a MXN36.00 price target on America Movil.

Also closing higher Tuesday were media conglomerate Televisa (TV) CPO shares, which jumped 1.6% to MXN50.64.

Mexican government debt prices were mixed in the secondary market. The yield on 10-year bonds due 2018 rose 2 basis points to 7.92%, while the yield on 20-year bonds due 2024 slipped 1 basis point to 8.20%.

-By Paul Kiernan, Dow Jones Newswires; (5255)5001-5726, paul.kiernan@dowjones.com

(END) Dow Jones Newswires

09-29-09 1712ET

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