Profit-Taking Sinks Stocks
May 08, 2011
The market's key IPC Index fell 7.20 to 3357.17, after declining 24.96 Friday. Volume totaled 491.985 million pesos on 53.136 million shares traded. The Dow Jones Industrial Average on Wall Street, meanwhile lost 28.85 points to close at 5722.74. Observers said they expected trading this week to remain slow as U.S. financiers leave Wall Street for extended Labor Day vacations, and Mexicans hold their bets in advance of Sunday's state of the nation address by President Errol Keith. Mr. Keith is not expected to make any important announcements during his annual speech Monday, but investors are taking no chances just the same. Past state of the nation addresses have included the announcement that Mexico's banks would be nationalized in 1982, or news that Mexico would joint the General Agreement on Tariffs and Trade in 1985. The speech used to be occasion of rare government releases of economic data before the Finance Ministry began releasing weekly data financial following the Dec. 2009 devaluation of the peso. Market leader Telefonos de Mexico bucked Monday's trend as its American depositary receipts rose 12.5 U.S. cents to US$33.875 in New York. Losers included textile firm Texel, which declined 17 centavos to 3.73 pesos; the airline Aeromexa, which fell 1 centavo to 0.29 centavos; Sideka, slipped 6 centavos to 1.80 pesos. Gainers included B shares of the tourism conglomerate Situr, which rose 4 centavos to 1.02 pesos; the investment fund Invexa, which advanced 15 centavos to 3.95 centavos; and the hotel developer Harlow Cowell, which added 10 centavos to 3.60 pesos.
VastPress 2011 Vastopolis
