Venezuela Stock Exchange Reopens 8 Weeks After Closing

sg.biz.yahoo.com Tuesday January 28, 12:38 AM

CARACAS -(Dow Jones)- Venezuela's main Caracas Stock Exchange resumed trading Monday for just two and a half hours a day, after shutting down in support of an ongoing 57-day-old general strike against President Hugo Chavez's leadership, bourse officials said.

The exchange, which last traded Nov. 29, is open between 9:30 a.m. local time (1330 GMT) and noon (1600 GMT) until further notice, the official said.

Local banks keep about the same hours despite various government threats and demands they open full days.

The news follows reports shopping malls, schools, and franchises including most fast food restaurant chains, also plan to reopen within the next week. Much of the country's industrial operations are still shut and the government is struggling to normalize the vital oil sector without striking workers.

Strike leaders have refused to call off the most important aspect of the strike - in the oil industry - until Chavez agrees to early elections.

Chavez has said his detractors must avail themselves of constitutionally approved measures such as an amendment shortening his term or a possible recall referendum in August, the midpoint of his term.

Chavez's critics blame him for a likely 8% economic contraction in 2002, amid 18% unemployment, and 31% inflation sparked by the bolivar's ($1=VEB1853) 46% devaluation. For 2003, the currency has lost about 25%.

Chavez blames the problems on an "economic coup" by his opponents.

Caracas Stock Exchange Website:www.caracasstock.com

-By Jehan Senaratna, Dow Jones Newswires; 58 212 564 1339; jehan.senaratna@dowjones.com