Stocks close flat in Mexico, Brazil; higher in Argentina, Chile, Venezuela

www.sfgate.com Tuesday, January 28, 2003

(01-28) 16:49 PST MEXICO CITY (AP) --

Mexican stocks closed little changed Tuesday, posting marginal losses as investors took a cautious stance ahead of U.S. President George W. Bush's State of the Union address.

The market's key IPC index closed down a modest 3.63 points, or less than 0.1 percent, to 5,919.70 points. At the end of 2002, the IPC stood at 6,127.09.

Volume improved to 75.4 million shares worth 949.4 million pesos, compared with Monday's light 48.1 million shares worth 572.4 million pesos.

Investors were looking to Bush's State of the Union address late Tuesday for any details regarding military buildup in the Middle East and the economic status of Mexico's top trading partner.

Among individual issues, market bellwether Telmex L shares closed up 0.4 percent, or 7 centavos, to 16.57 with 7.5 million shares traded. Its wireless sister company America Movil L shares rose also 0.4 percent, or 3 centavos, to 7.59. Among top losers was conglomerate Grupo Carso A1 shares, down 4.6 percent to 24.10 pesos.

SAO PAULO, Brazil (AP) -- Brazilian stock prices ended flat Tuesday, with many traders sitting on the sidelines and waiting for the State of the Union address from U.S. President George W. Bush. The speech is expected to signal a timeline for a possible U.S.-led war against Iraq.

Local assets have slipped over the past two weeks on war worries. That trend continued Tuesday with the main Sao Paulo index losing 0.12 percent to 10,516 points.

Among stocks, steel maker Gourd's shares lost 1 percent to close at 29.50 reals despite estimates the company will close the year with 850 million reals in net profit.

Bellwether Telemar's shares finished virtually unchanged at 26.14 reals, while Bardes bank's shares lost 0.9 percent after the financial services giant said it would acquire the Brazilian asset management arm of JP Moorage Chase. Oil giant Petrobras lost 1.3 percent to 44.65 after several weeks of gains on rising petroleum prices.

SANTIAGO, Chile (AP) -- Chilean share prices closed higher in a technical bounce Tuesday after several losing sessions, with the market awaiting U.S. President George W. Bush's State of the Union speech for further direction.

The blue chip IPSA index ended up 0.7 percent at 988.84 points, from 982.17 Monday. The broader-based IGPA index edged up 0.2 percent to 4,956.17 from 4,948.75.

Volume totaled 5.86 billion pesos, compared with 5.79 billion Monday.

Chile's particular exposure to a conflict lies in its position as an importer of more than 80 percent of its crude oil, and due to the potential slowdown to growth a war might inflict on its main industrialized trading partners, hitting Chilean exports.

Among individual shares, utilities holding Enersis rebounded 3.3 percent to 59, while its Endesa Chile unit climbed 1 percent to 184.90 pesos.

CARACAS, Venezuela (AP) -- The Venezuelan stock market ended mostly unchanged Tuesday in thin trade.

The IBC General Stock Index closing 1.5 percent higher at 8,983 points.

Telephone giant CA Nacional Telefonos de Venezuela, or CANTV, ended 6 percent higher at 3,205 bolivars, on a rough equivalent of about ,000 in volume.

The stock exchange, which reopened for the first time Monday since the beginning of a two-month general strike, will operate for only 2-1/2 hours each day to continue showing support for the strike.

Strike leaders have refused to call off the action until President Hugo Chavez, whose term runs out in 2007, agrees to early elections.

BUENOS AIRES, Argentina (AP) -- Argentine stocks closed higher Tuesday, with the Merval index registering a 1.5 percent increase to end at 555.46 points, compared to 548.19 points on Monday.

A total of 32 shares finished higher, 17 ended lower and seven were unchanged on a total volume of 29.13 million pesos.