Stocks higher in Mexico, Chile, Brazil, Venezuela; down in Argentina

<a href=www.sfgate.com>SFGate.com Wednesday, April 2, 2003
(04-02) 17:22 PST MEXICO CITY (AP) --

Mexican stocks shook off some of the previous day's lethargy and closed higher Wednesday, tracking U.S. markets as they rallied on news of U.S. troop advances in Iraq.

The market's key IPC index closed up 1.9 percent or 112.75 points at 6,008.51. At the end of 2002, the IPC stood at 6,127.09.

Volume perked up a little from recent sessions, with 75.5 million shares exchanged worth 993.7 million pesos.

The Dow Jones Industrial Average jumped 2.7 percent and the Nasdaq composite index rose 3.6 percent on reports that U.S. troops have moved within miles (kilometers) of the Iraqi capital of Baghdad.

Among the blue chips, bellwether Telmex L shares rose 2.5 percent to 16.16 pesos, media group Televisa CPO shares rose 1.7 percent to 13.99, wireless phone carrier America Movil L shares rose 2.1 percent to 7.44, and retailer Walmex V shares rose 2 percent to 26.51.

RIO DE JANEIRO, Brazil (AP) -- Brazilian shares ended higher Wednesday as investors were cheered by expectations that Congress will approve a bill that gives autonomy to the Central Bank.

The key Ibovespa index ended 2.42 percent higher at 11,872 points on financial volume of 1.42 billion reals. The high volume was helped by a 450 million-real sale of shares in steel maker CSN.

Traders said investors are optimistic Congress will approve the key measure that will remove regulation from Brazil's constitution and in so doing, make the Central Bank independent.

Shares in power distributor Eletropaulo, which has been pounded recently on uncertainties about the company's future as it faces the possibility of bankruptcy and return to government control, soared 7.48 percent to 24.70.

Oil giant Petrobras underperformed the index, climbing 1.45 percent to 48.29 reals while jet maker Embraer rose 1.66 percent to 10.40 reals.

SANTIAGO, Chile (AP) -- Share prices on the Santiago Stock Exchange closed higher Wednesday, boosted by the rising prices on other share markets, led by Chilean American Depositary Receipts, traders said.

Chile's blue-chip Ipsa index rose 0.6 percent to 1,013.14 points from 1,006.93. The narrower Inter-10 index of more liquid, internationally traded Chilean shares gained 0.9 percent to 99.70 from 98.83.

Volume continued low at 4.95 billion from 4.54 billion.

Among the main U.S.-listed gainers, Banco Santander-Chile rose 2.3 percent to 13.15 and telecommunications company CTC's A-shares ended up 0.6 percent at 1,740.Utilities holding Enersis ended up 0.9 percent at 57.50.

CARACAS, Venezuela (AP) -- Venezuelan shares ended slightly higher Wednesday, with the IBC General Stock Index closing at 8593 points, up about 0.27 percent.

The market's biggest stock, telephone giant CA Nacional Telefonos de Venezuela, or CANTV, closed 45 bolivars, or about 2 percent, higher at 2,395 bolivars.

CANTV's American Depositary Receipts, worth seven common shares each, were up 8 cents at US$8.93 each in late afternoon trade on the New York Stock Exchange.

BUENOS AIRES, Argentina (AP) -- Argentine stocks fell back Wednesday, with traders saying uncertainties connected with the upcoming elections were keeping investors subdued.

Since the start of October, the large-cap Merval Index has soared some 43 percent. However, the market fell back during March.

By the session's close, the Merval Index fell 4.29 points or 0.8 percent to 561.55 points. The broader General Index climbed 274.99 points, or 1 percent to 26,733.57 points.

Steel company Tenaris closed down 4.5 percent at 6.40, while food producer Molinos dipped 2.6 percent to 4.53.

Market leader Perez Companc slipped 2.4 percent to 2.05, as Argentina's antitrust body confirmed a fresh delay in approving the company's sale to Brazilian giant Petrobras.

Traders said with investors sitting out of the market at least until after the first round of presidential elections on April 27, the market just ignored Tuesday's relatively good economic news.