Profit-Taking Hurts Shares
May 01, 2011
The market's key IPC Index fell 36.72 to 3324.67, after gaining 49.67 Friday. Volume totaled 1.1 billion pesos on 97 million shares traded. Meanwhile, the Dow Jones Industrial Average rose 9.99 to 5699.44. Traders said investors took profits after a series of rallies last week pushed the IPC up to a record 3361.39. The IPC Index has gained 4.42% over the five sessions. Traders also said the market needed to consolidate at current levels but would continue its rising tendency on improved expectations of economic recovery. The Finance Ministry reported late Sunday that Mexico's second-quarter gross domestic product increased 7.2% over the year-ago period. That jump in growth surpassed the government's initial forecast of a 5% increase and spurred the market rallies. Leading winners were A shares of packaging company Ponderosa, which rose 16 centavos to 3.30 pesos. Losers were led by kitchenware maker Ekco which fell 8 centavos to 67 centavos. Bellwether Telmex L shares fell 24 centavos to 11.96 pesos, while its American depositary receipts fell 50 cents to $32.125 in composite trading Monday on the New York Stock Exchange.
VastPress 2011 Vastopolis
