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Bolsa Reaches 2-Month High; Peso Steadies

November 24, 1995|From Times Wire Services

NEW YORK — Investors continued to greet with confidence Mexico's economic outlook as stock prices Thursday closed higher for the sixth straight day, and a steadying peso and falling interest rates pushed the key Bolsa index to a two-month high.

Mexico City's Bolsa index advanced 35.86 points, or 1.6%, to close at 2,570.55.

The peso gained 0.5% on the dollar to end at 7.6150 pesos to the dollar. The Mexican currency has strengthened in four of the past five sessions, after sinking to a historic low of 7.9 pesos on Nov. 15.

In other overseas markets, stocks were mixed, while the dollar ended mostly higher against key currencies. Gold was lower.

Markets in the United States and Japan were closed for holidays.

In London, the broad-based FTSE-100 index tumbled 0.8%. The selloff was led by electricity stocks, which fell following news that the government will launch antitrust investigations of two power companies' proposed takeovers of regional electric companies.

In Frankfurt, shares held steady, but there was general inertia caused by the public holidays in the United States and Japan. The 30-share DAX index did not hold the crucial 2,200 level and ended down 1 point at 2,192.25, but it later edged higher to close at 2,197.26.

In Hong Kong, stocks closed moderately higher on active bargain hunting encouraged by overnight gains on Wall Street. The Hang Seng index added 49.52 points to close at 9,501.61. The index was up as much as 118 points in the afternoon session before profit taking set in.

In North American markets, Canadian stocks were higher by late afternoon. The 300-stock composite index in Toronto rose 0.24%.

The dollar strengthened against the German mark, underpinned by speculation about a cut in German interest rates, which would make the dollar more attractive to investors. The monetary policy committee of Germany's central bank meets next Thursday.

In London, the dollar fetched 1.4135 marks, up from 1.4057 late Wednesday. The dollar also bought 100.66 Japanese yen, down from 101.62.

Gold closed in London at $382.70 per ounce, down $1.70. In Zurich, gold fell $1.90 to end at $382.60. In Hong Kong, it fell $2.74 to $382.02.

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