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Global Markets and Economic Update : International Business

July 28, 1994

MEXICAN STOCKS

* An abrupt turnaround in investor confidence has powered the Bolsa index to its highest level since June 7. The index gained 39.82 points to 2,433.22 on Wednesday and is up 222.27 points, or 10%, over the past five sessions.

* Traders said a better-than-expected quarterly earnings report from Telmex sparked the rally late last week. This week, confidence has been bolstered by a poll showing the ruling party's candidate far in the lead for the Aug. 21 presidential election. On Wednesday, yields on Mexican treasury bills eased for the first time in three weeks, hinting that the recent exodus of capital from Mexico is ebbing.

Source: Times research

SPOTLIGHT: PAKISTAN

The government's new budget, designed to reduce the deficit, includes hefty taxes on consumer goods and other levies. But it also includes trade liberalization measures such as reduced tariffs and a virtually convertible rupee. Foreigners applauded it, but domestic critics said it will increase inflation and reduce growth.

Sources: Bank of America; World Information Services

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