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 glassonweb.com
Date: 5 February 2003
Source: Glass Digest Magazine

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