Mexico's Stocks Move Higher After Holiday; Peso Weaker Vs Dlr

   By Anthony Harrup 
   Of DOW JONES NEWSWIRES 
 

MEXICO CITY (Dow Jones)--Mexican stocks opened higher Tuesday on a weaker peso and the market's catching up on U.S. gains made Monday when the local market was shut.

The market's IPC index of leading issues was up 0.6% at 28,825.40 points around 10:25 a.m. EST. Volume was 35.8 million shares worth 920.7 million pesos ($69.2 million).

IPC heavyweight America Movil (AMX, AMX.MX) L shares were up 1.1% to MXN29.42, cement maker Cemex (CX, CEMEX.MX) CPO shares were ahead 2% to MXN14.03 and media group Televisa (TV, TLEVISA.MX) CPO shares were 1.8% higher at MXN51.50.

A Mexico City trader said there was likely some catching up from Monday's gains in the U.S., when the local market was closed for a holiday. But, he said, the weaker peso also contributed to market gains.

The peso was quoted in Mexico City at MXN13.2975, compared with MXN13.2035 at the close last Friday.

Markets were showing little reaction to congressional passage over the long weekend of the 2010 budget revenues bill.

After a week of political wrangling, the Senate approved the MXN3.2 trillion bill with only minor changes, backing the tax increases that had already been passed by the lower house.

Local government bonds, which have been more sensitive than stocks and currency to the budget debates, were gaining, nudging yields down. The yield on 10-year bonds due 2018 was down 2 basis points to 8.0%, and the yield on 2017 bonds was off 1 basis point at 8.44%.

-By Anthony Harrup, Dow Jones Newswires; (5255) 5980 5176, anthony.harrup@dowjones.com

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(END) Dow Jones Newswires

November 03, 2009 10:36 ET (15:36 GMT)


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