Bancomer Boosts Mexican Stocks
Mexican share prices, propelled by strong local and foreign demand for Grupo Financiero Bancomer, registered their third biggest rise of 1993 on Thursday.
The 38-stock IPC index advanced 36.69 points, or 2.3%, to close at 1,632.14. Volume was a brisk 86 million shares.
Traders said shares of Bancomer, which owns one of Mexico’s two biggest banks, were underpinned by expectations that the group soon will include its B shares in the Neutral Fund of the development bank Nacional Financiera, which would allow foreigners to buy the stock.
At a banking conference Wednesday, Antonio Sanchez, the group’s director of treasury, said no time frame had been set for incorporating the shares into the fund.
The A, B and C shares of Grupo Financiero Bancomer accounted for 33 million of the session’s volume.
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