Mexican stocks ended higher on Friday in low volume as investors awaited a likely US interest rate increase later this month, while the peso gained slightly.
The IPC benchmark stock index rose 0.48 percent to end at 10,224.39 points, finishing the week almost flat and in low volume. Mobile telecommunications heavyweight America Movil was one of the top gainers.
On Wall Street, the Dow Jones Industrial average ended with a 0.37 percent gain.
In stock trading, leading wireless telecommunications company America Movil SA picked up 1.69 percent to end at 21.03 pesos, while its American Depositary Receipt (ADR) gained 1.84 percent to $37.07.
Nicaraguan telecoms operator Enitel said on Thursday it had sought government permission for America Movil to buy a further 40 percent stake in it from Honduran Megatel.
America Movil bought a 49 percent stake in Enitel in January for $49 million and is now eyeing the 40 percent stake owned by Megatel. Home building company Sare, which started trading on the Mexican stock exchange last year, was also among the market's top gainers, up 1.23 percent at 6.60 pesos.
Competitor Geo was also a winner on Friday, jumping 2.53 percent to end at 14.97 pesos. "Today was quiet. US markets gave Mexico a boost," said Jesus Viveros, an analyst at consulting firm Bursametrica.
The peso strengthened slightly by 0.05 percent to end official local trading at 11.3405 per dollar.
Comments
Comments are closed.