MEXICO CITY, Oct 15 (Reuters) - Mexican stocks closed
lower on Monday, held back by losses in bellwether telecom
America Movil amid fresh worries about global credit
shortages.
The IPC stock index <.MXX> fell 0.42 percent to 32,335.86
points, while the peso <MXN=><MEX01> weakened 0.14 percent to
10.8275 per dollar.
Citigroup's <C.N> chief financial officer said U.S.
consumer credit will likely weaken this quarter after mortgage
delinquencies accelerated, sending U.S. equities down.
"That definitely hit trading here," said a stock trader in
Mexico City.
Mexico sells more than 80 percent of its exports to the
United States, with its economy tightly linked to the spending
habits of U.S. consumers.
World equity markets have been rattled in recent months by
concerns that a meltdown in risky U.S. mortgages could be drag
on growth there.
Dominant cell phone operator America Movil <AMXL.MX>, the
most heavily weighted stock in the IPC index, fell 1.73 percent
to 35.80 pesos, while its New York-traded shares <AMX.N> dipped
2 percent to $66.30.
Cement maker Cemex <CMXCPO.MX>, a top supplier of the U.S.
construction industry, dropped 0.95 percent to 35.58 pesos,
while its stock on Wall Street <CX.N> gave up 1.2 percent to
$32.89.
Shares of Aeromexico <AMEXICOA.MX> sank 2.07 percent to
1.89 pesos.
Last week, an investor group including Citigroup <C.N>
added a warrant worth 10 percent of the future value of the
airline to its public offer. The group is also offering $160
million, or 1.7596 pesos per share, for the company, majority
owned by the government.
In debt trading, the yield on the benchmark 10-year
government peso bond <MX10YT=RR> was flat at 7.82 percent.
((Reporting by Jason Lange and Rosario Torres, editing by
Pedro da Costa; Mexico City newsroom; Reuters Messaging:
[email protected]; +5255-5282-7153))
Keywords: MARKETS MEXICO/