Stocks rise across Latin America

<a href=www.sfgate.com>SFGate.com Friday, May 2, 2003
(05-0) 16:39 PDT MEXICO CITY (AP) --

Mexican stocks closed higher in active trade Friday despite a semi-holiday trading atmosphere.

The market's key IPC index closed up 81.04 points or 1.2 percent to 6,590.92. Volume totaled 83.8 million shares traded worth 1.01 billion pesos (10.20 per dollar).

Heavy trading in broadcaster TV Azteca accounted for more than 30 percent of the volume on a day when many traders were absent between a Thursday holiday and the weekend.

TV Azteca CPOs rose 1.9 percent to 3.73 pesos with 27.4 million shares traded, apparently due to plans for a US$140 million this year.

Wireless communications company America Movil's L shares gained 3.6 percent to 6.39, phone operator Telmex's L shares rose 3.1 percent to 16.08 and retailer Comercial Mexicana's UBC shares advanced 2.2 percent to 6.39.

Losing ground were shares in retailer Elektra, which dipped 0.8 percent to 27.65.

SAO PAULO, Brazil (AP) -- Brazil's stock prices rose Friday as the country's C-bond hit levels unseen since the mid-1990s and the trade surplus for April came in at its widest point ever.

The main Sao Paulo index finished 2.0 percent ahead at 12,810 points compared with 12,556 points at Wednesday's close. The market was closed Thursday.

A lower outlook for inflation encouraged most investors. Brazil's benchmark C-bond, its most liquid foreign debt instrument, rose to 89 percent of face value and debt spreads measured by the J.P. Morgan EBMI+ index fell Friday.

The real, however, fell about 1.7 percent after a week of big gains.

Bellwether Telemar rose 4.3 percent to 32.55 reals (2.96 per dollar) after first-quarter results showed fast growth in its wireless unit but a wider-than-expected loss.

Eletropaulo's shares lost 4.1 percent after news the AES unit again failed to resolve debt talks with the national development bank.

BUENOS AIRES, Argentina (AP) -- Despite plummeting 8.6 percent Monday, the large-cap Merval Index rose Friday to end almost flat from its close of a week ago.

The Merval climbed 3.5 percent, or 22.30 points, closing at 658.25 points Friday. The broader General Index was up by 2.5 percent, or 738.32 points, at 30,121.98 points.

Banco Frances was up 2.9 percent at 5.35 pesos (2.795 per dollar). Grupo Financiero Galicia was up 4.0 percent at 87.6 centavos.

Steel firm Acindar was up 5.3 percent to 1.80. Carmaker Renault soared 6.0 percent to 1.59.

SANTIAGO, Chile (AP) -- Blue-chip share prices on the Santiago Stock Exchange closed sharply higher again Friday after positive earnings reports.

Chile's blue-chip Ipsa index rose 1.8 percent to 1,184.35 points from 1,164.12 Wednesday. The narrower Inter-10 index of more liquid internationally traded Chilean shares rose 2 percent to 115.86 from 113.59.

Volume dropped to 20.00 billion pesos (698.30 per dollar).

Airline LanChile jumped 12 percent to 1,120.00 pesos after rising 13.4 percent Wednesday. Retailer D&S rose 6.0 percent to 530.01.

CARACAS, Venezuela (AP) -- Venezuelan shares ended mostly unchanged Friday in thin trade with investors out of town for a long weekend.

The IBC General Stock Index closed at 8,594 points, down 37 points, or about 0.43 percent, in an equivalent of about US$60,000 in total trades.

The market's biggest stock, CA Nacional Telefonos de Venezuela gained 15 bolivars (1,598 per dollar) to close at 2,420.