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MEXICO CITY, Jan 18 (Reuters) - Mexican stocks edged up on
Friday as bargain hunters bought up shares of retailer Walmex
and other beaten-down stocks, after a see-saw session that
capped a week of heavy losses amid concerns of a looming U.S.
recession.
The benchmark IPC stock index <.MXX.> closed up 0.06
percent at 26,713.83 points. Earlier on Friday it lost as much
as 1.4 percent and gained up to 1.7 percent.
The peso <MXN> <MEX01> firmed 0.30 percent to 10.9175 per
dollar.
The benchmark government peso bond <MX10YT=RR> gained 0.387
of a point to bid 100.67, pushing its yield down 7 basis points
to 7.88 percent.
Concerns that the economy in the United States, Mexico's
top trading partner, could contract have sent the IPC index
down almost 10 percent so far this year, nearly erasing all of
its gains in 2007.
Investors worried that a White House stimulus package
announced on Friday might not keep the United States from
sliding into recession.
President George W. Bush said that steps were needed to
shore up the U.S. economy and recommended an economic stimulus
package equal to about 1 percent of U.S. gross domestic
product, according to a White House document.
Disappointment over the plan hit equities markets across
the Americas and in Europe.
Top retailer Wal-Mart de Mexico (Walmex) <WALMEXV.MX>
pushed hardest among winners, rising 2.66 percent to 37.10
pesos.
Conglomerate Grupo Carso <GCARSOA1.MX> rose 4.04 percent to
41.73 pesos.
On the losing end, dominant cell phone operator America
Movil <AMXL.MX> fell 1.65 percent to 28.65 pesos. Its New York
traded shares <AMX.N> dropped 1.05 percent to $52.70.
(Reporting by Lizbeth Salazar and Jason Lange; Editing by
Leslie Adler)
(([email protected] ; 52 55 5282 7153; Reuters
Messaging: [email protected]))
Keywords: MARKETS MEXICO/