Stocks up in Mexico, Brazil, Argentina, down in Chile, Venezuela

<a href=www.sfgate.com>SFGate.com\Tuesday, April 22, 2003
(04-22) 15:11 PDT MEXICO CITY (AP) --

A rebound in U.S. equities markets gave Mexican stocks a lift Tuesday, although volume remained modest as first-quarter earnings season gets into full swing.

The market's key IPC index closed up 47.26 points, or 0.7 percent, to 6,373.91. At the end of 2002, the IPC stood at 6127.09.

Volume was 62.5 million shares worth 789.7 million pesos.

The local market tracked the U.S. throughout the session, shaking off early losses and moving higher. The Dow Jones Industrial Average and the Nasdaq composite index both rose 1.9 percent.

Leading the local rally were L shares of wireless telephony concern America Movil, which rose 2 percent to 8.33 pesos on solid volume. America Movil is scheduled to release its first-quarter earnings report Wednesday.

The L shares of fixed line phone giant Telmex, which plans to report later Tuesday, rose 0.4 percent to 16.47.

SAO PAULO, Brazil (AP) -- Brazil's stocks ended higher Tuesday to set a new 10-month high as the country's currency recovered from early weakness and stocks on New York exchanges rose.

Local gains were restricted by worries President Luiz Inacio Lula da Silva may encounter difficulty getting his pension reform proposal through Congress.

The main Sao Paulo index finished 0.5 percent up at 12,452 points, compared with 12,395 points at Thursday's close, its best close since June 10, 2002.

The exchange was shut Friday and Monday for holidays.

Stocks are also likely to rise Wednesday, when the central bank is expected to keep its benchmark interest rate unchanged at 26.5 percent and refrain from tightening the money supply. Many traders expect a rate cut in May.

On the stocks front, bellwether Telemar rose 0.8 percent to 31.02 reals and oil giant Petrobras gained 1.5 percent to 48.20.

Banco Bradesco rose 1.3 percent to 12.10 and steelmaker Usiminas gained 2.5 percent to 11.29.

BUENOS AIRES, Argentina (AP) -- Argentine stocks rose once again Tuesday, as investors kept plowing new funds into the market on the back of growing optimism about the outcome of the upcoming elections.

The large-cap Merval Index ended up 8.48 points, or 1.4 percent, at 649.75 points, while the broader General Index was up 294.30 points, or 1.0 percent, to 29,896.91 points. Volume was a strong 86.7 million pesos.

After the publication of opinion polls showing that two market-friendly candidates and one moderate candidate were the frontrunners for Sunday's presidential election, the markets saw one of their largest gains in years Monday, with the Merval rising more than 6 percent.

Bank stocks were among the sectors that benefited from positive election momentum. Grupo Financiero Galicia, which posted a 10.6 percent gain Monday, rose 2.9 percent Tuesday to 93 centavos, while Banco Frances climbed 1.7 percent to 5.33.

Companies that have recently announced debt restructuring proposals also performed well Monday. Steel company Acindar rose 3.8 percent to 1.62. Natural gas distributor Transportadora Gas del Sur, which ended 13 percent higher Monday, climbed 1.8 percent to 1.74.

SANTIAGO, Chile (AP) -- Share prices on the Santiago Stock Exchange closed lower Tuesday, taken down by profit-taking, above all in shares that have U.S. ADRs.

Chile's blue-chip Ipsa index fell 0.6 percent to 1,083.28 points. The narrower Inter-10 index of more liquid internationally traded Chilean shares lost 0.8 percent, ending at 105.84.

Volume declined slightly to 13.68 billion pesos.

The list of decliners was led by U.S.-listed wine maker Concha y Toro, which fell 5.5 percent to 520 pesos.

Among other U.S.-listed stocks, retailer D&S lost 2.7 percent to 447.50, and airline LanChile lost 2.3 percent to 860.

CARACAS, Venezuela (AP) -- Venezuelan shares ended a bit lower Tuesday following the market's biggest stock, CA Nacional Telefonos de Venezuela, or CANTV, which lost 2.3 percent.

The IBC General Stock Index, of which CANTV accounts for 40 percent, closed at 8,417 points, down about 0.5 percent. Trades totaled an equivalent of about $108,000.

CANTV closed 2.3 percent, lower at 2,285 bolivars.