960402

Mexican stocks

ends at record high

MEXICO CITY: Mexican stocks closed at a record high of 3,113.27 points on Monday, up 40.87 points or 1.33 percent, amid expectations primary Cetes rates will fall again in tonight's auction.

Though hopes of falling rates and a stronger peso underpinned the stock market, traders said foreigners were also selectively hunting out growth stocks.

"There were foreign investors seeking shares of GCarso, Telmex and Cifra," said a trader at brokerage firm Probursa.

GCarso A1 shares hit historic records, at 59.8 pesos, with 1.178 million shares changing hand. According to analysts, the holding company which owns Telefonos de Mexico, also runs several other firms with good growth potential. "In GCarso we see opportunities in telecommunications, exports, financial and corporate services," an Inverlat analyst said.

Telmex L shares rose 1.92 percent on news the company offered workers a 72.5 percent compensation package that included a 43.3 percent productivity bonus. In the United States, Telmex' ADRs rose a dollar.

Surprisingly for pre-holiday trade, volume reached 70.7 million shares. Of a total of 96 traded, 51 gained.

Buoying the market was the expectation benchmark 28-day primary Cetes rates would drop around 150 basis points in tonight's auction, which has been moved up a day ahead of the Holy Week holidays starting Thursday.-Reuter