MEXICAN STOCKS* Stocks pulled back from strong...

MEXICAN STOCKS

* Stocks pulled back from strong gains Wednesday to close mostly lower, with the Bolsa index falling 6.5 points to 2,064.75.

* Traders said initial excitement over the government’s better-than-expected first-quarter economic growth estimate--a 0.6% contraction--gave way to fears that the economy will shrink much more sharply in the current quarter, perhaps as much as 4%. Austerity steps taken in the wake of Mexico’s financial crisis are still sinking in, analysts warn.

* Also Wednesday, the decline in rates on short-term Mexican treasury bills slowed, suggesting that rates may stabilize near their current high levels of 50%-plus.

The Bolsa Index: Wednesday closes

May 1995: 2,064.75

Source: Times wire services

SPOTLIGHT: TURKEY

An economy regarded as promising among developing nations remains plagued by high inflation, and the government last year ordered a bold stabilization plan. It calls for the sale or closure of dozens of state-owned companies. In economic competitiveness, Turkey ranks above such countries as Hungary and India.

Sources: Bank of America, World Information Services