Mexico Stocks Sell Off, Vitro Bucks Trend

Mexican stocks followed the Nasdaq lower, but limited their losses Friday morning, while glassmaker Vitro, soon to be included in the country's benchmark stock index, bucked the losing trend.

"We're doing better than than the United States because we hadn't risen quite so much, so the rebound was smaller. In relative terms, Mexico's cheaper," a Mexico City trader said.

The IPC benchmark stock index gave away 1.2 percent to trade at 6,256, while in U.S. trading, the Nasdaq Composite fell 2.62 percent to 1,386 amid concerns about unhealthy fourth-quarter earnings.

The stock of glassmaker Vitro was one of only a handful of winners in Mexico, gaining 1.21 percent to 9.20 pesos.

The Mexican Stock Exchange said on Thursday that Vitro, as of February, will be added to the IPC index.

"Now that it's being incorporated in the IPC, obviously all of the index funds have to buy it and I believe the large majority still haven't done that," a trader said.

600450 Mexico Stocks Sell Off, Vitro Bucks Trend

See more news about:

Others also read

Southwall Technologies Inc. (Nasdaq:SWTX), a global developer, manufacturer and marketer of thin-film coatings for the electronic display, automotive glass and architectural markets, today announced that on Dec. 18, 2003, it secured an agreement for a new bank loan guarantee and equity financing package of up to $7.5 million from Needham & Company, Inc., its affiliates and Dolphin Asset Management.
Local quality glass producer Emirates Glass Limited has won contracts to supply 68,000 square metres of its high quality EmiCool glass to five major projects in Dubai.
China's largest automobile glass maker Fuyao Glass Industry Group Co, Ltd, won its case against the dumping ruling of the US Department of Commerce (DOC).
When did the wine industry start using glass bottles, and how did they settle on their current size of 750ml? For the answer to these questions, you have to go back in time - back thousands of years to when wine was first cultivated and enjoyed.
Praxair, Inc. (NYSE: PX) today announced that its subsidiary Praxair Canada Inc.'s specialty gases plant in Paris, Ontario, Canada, is one of Praxair's first specialty gases plants in North America to complete the upgrade to ISO 9001:2000, the latest ISO 9000 standard for quality.
KUB Malaysia Bhd has accepted an offer from Nippon Sheet Glass Co Ltd (NSG) to acquire its 15% stake in Malaysian Sheet Glass Bhd (MSG) for RM32.6 million in cash, or RM2.68 per share.

Add new comment