International Business
MEXICAN STOCKS
* Stocks gave ground again Wednesday as the peso fell to a record low against the dollar for the second straight day. The Bolsa index lost 25.68 points to 1,498.52. In New York Stock Exchange trading, Telmex dropped $1.375 to $24.375; the lowest the stock ever traded was $24.25 in 1991.
* The only surprise, some traders say, is that stocks have not collapsed completely in the face of sky-high short-term interest rates. Yields on three and six-month Mexican treasury bills, or cetes, reached 59% and 59.99%, respectively, at Wednesday’s central bank auction--the highest since March, 1988, and November, 1987, respectively.
The Bolsa Index
Wednesday closes: 1,498.52
Sources: Times wire services
SPOTLIGHT: KENYA
Nairobi continues to be a major hub in East Africa, boasting the region’s best transportation links, communications infrastructure and trained personnel. Although low rainfall has hurt Kenya’s agriculture, its agricultural production contributes 26% of the gross domestic product and employs 76% of the labor force.
Sources: Bank of America, World Information Services
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