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 Business News | July 2006 
Mexico, Brazil Shares Continue Slide
 AP
Latin America's major markets opened lower Friday on international concerns over hostilities in the Middle East and the resulting pressure on international oil prices.
Mexico's key IPC index was 1.8 percent lower early Friday, at 18,390.85.
The IPC slid 3.6 percent Thursday in its fifth straight declining session, giving up gains made since the country's July 2 presidential election.
"(Today) is more international events," said Rogelio Gallegos, director of analysis at mutual fund operator Actinver. "Next week a lot of (local) companies release their earnings and that could help the market."
Stocks rose last week as official returns showed conservative Felipe Calderon of the ruling National Action Party, or PAN, winning by a narrow margin.
But his leftist rival, Andres Manuel Lopez Obrador of the Democratic Revolution Party, or PRD, has challenged the results and is mobilizing supporters across the country to back demands for a complete vote recount.
Meanwhile, the peso was gaining in early trading, opening at 11.030 per U.S. dollar compared with Thursday's 11.069 close.
Brazil's benchmark Ibovespa index was 0.5 percent lower at 35,176 points.
The Brazilian real moved into positive territory against the dollar Friday after opening slightly lower on exporter inflows, traders said.
The real was quoted at 2.217 to the dollar, stronger than Thursday's close of 2.22. |
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