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Global Markets and Economic Update : International Business

October 20, 1994

MEXICAN STOCKS

* The Bolsa index jumped 25.08 points to 2,750.13 on Wednesday, buoyed by Wall Street's gains and by bullish news about Mexico's foreign currency reserves. Another rise in short-term interest rates early in the day didn't deter buyers.

* Bank of Mexico Gov. Miguel Mancera announced that foreign reserves stood at $17.2 billion at the end of last week, slightly higher than many analysts had estimated, though well below the $24.5 billion on Jan. 1. The reserves figure was warmly received because it showed the central bank has not had to dig too deep in its pockets to defend the peso during what has been a turbulent year in Mexican politics and markets.

The Bolsa Index: Wednesday closes

Oct. 1994: 2,750.13

Source: Times wire services

SPOTLIGHT: VENEZUELA

In the midst of the nation's worst economic crisis in history, President Rafael Caldera in June suspended some constitutional guarantees in order to impose price and currency exchange controls. Caldera, elected last year to deal with the crumbling economy, has been trying to bring down inflation and stabilize the currency.

Sources: Bank of America; World Information Services

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