Stocks end lower in Mexico, Argentina, higher in Chile, Venezuela

www.sfgate.com Wednesday, March 12, 2003
(03-12) 18:13 PST MEXICO CITY (AP) --

Mexican stocks trimmed losses in the last leg of trading Wednesday but still closed lower for the fifth session in a row, as poor sentiment over geopolitical issues continued to drag share prices into negative territory.

The market's key IPC index closed down 11.13 points, or 0.2 percent, to 5,809.97 points. At the end of 2002, the IPC stood at 6,127.09.

Volume was a modest 60.1 million shares worth 723.5 million pesos, compared with Tuesday's 58.5 million shares worth 801 million.

Among individual issues, market bellwether Telmex L shares closed down 7 centavos, or 0.4 percent, to 15.76; while its wireless sister company America Movil L shares fell 12 centavos, or 1.6 percent, to 7.45.

Advancers include construction concern ICA nominal shares, up 7 centavos, or 4.1 percent, to 1.76. Wireless phone carrier Iusacell V shares hit a record low Wednesday, dropping 1 centavo, or 2.9 percent, to 34 centavos.

BUENOS AIRES, Argentina (AP) -- Argentine stocks continued their losing streak Wednesday, led by a large decline in market leader Perez Companc, which late Tuesday reported a loss for the fourth quarter.

The decline of 2.87 points, or 0.5 percent, in the large-cap Merval Index to a close of 554.78 followed a 0.7 percent slide Tuesday and a 3.5 percent drop Monday.

A slightly more stable performance Wednesday in world markets, whose recent declines had started to weigh on Argentine stocks, may have helped stabilize local markets a bit but the overall tone remained weak, with uncertainty ahead of April elections beginning to play a role.

Perez Companc shares led the market lower, declining 3.4 percent to 2.25 pesos.

Banks were mixed Wednesday, with Banco Frances losing 2.3 percent to close at 4.30 pesos, but Banco Galicia rose 0.4 percent to close at 0.698 while Bansud was unchanged at 1.30.

The broader General Index was down 43.61 points, or 0.2 percent, at 26,775.60 points. Volume was a thin 26.7 million.

SANTIAGO, Chile (AP) -- Share prices on the Santiago Stock Exchange closed slightly higher in light trade Wednesday as investors remained wary about the possible effects of a new financial sector scandal.

Chile's blue-chip Ipsa index closed up 0.6 percent at 1,018.85 points, while the narrower Inter-10 index of more liquid, internationally traded Chilean shares rose 0.3 percent to 101.18, and the broader IGPA index ended up 0.3 percent at 5,070.99 points.

Volume fell to 7.1 billion pesos from 7.70 billion posted in the previous session.

Electricity Holding Enersis ended unchanged at 57 pesos and subsidiary Endesa ended up 0.8 percent at 182. Both firms announced Tuesday that they reached a deal with four local banks for a syndicated loan worth US$2.30 billion as part of a debt restructuring plan.

Retailer D&S rose 1.2 percent to 420 and telecommunications company Entel ended up 1.7 percent at 3,080.

CARACAS, Venezuela (AP) -- Venezuelan shares ended mostly unchanged Wednesday with the IBC General Stock Index closing at 8,177 points, up about 0.02 percent.

The market's biggest stock, telephone giant CA Nacional Telefonos de Venezuela, ended at 2,303 bolivars per share, up three bolivars in trades worth roughly US$12,000.

The company's American Depositary Receipts, worth seven common shares apiece, were down 0.73 percent at US$9.47 each in late afternoon trade on the New York Stock Exchange.