International Business
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MEXICAN STOCKS
* The peso partly recovered Wednesday from a precipitous weeklong drop, rebounding 15% after losing more than a third of its value since Dec. 19. Stocks also recovered.
* With the peso crisis, the Mexican stock market has fallen 44% this year in dollar terms. In 1993, it rose 47%.
* There was some feeling among traders that U.S. investors have overreacted, pushing solid stocks down dramatically. Companies with small import bills may not be significantly affected by the devaluation. “People are not trading on fundamentals, they are trading on panic,” said Marla Marron at Salomon Bros.
The Bolsa Index
Wednesday closes: 2,337.72
Source: Bloomberg Business News
SPOTLIGHT: ZAMBIA
International donors have pledged $800 million to support government economic reforms designed to reduce inflation and public spending and attract private investment. The economy has been hurt by falling copper prices and an underdeveloped agricultural sector.
Sources: Bank of America; World Information Services
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