Mexican Stocks End Higher
Oct. 02, 1998
MEXICO CITY (AP) _ Mexico's peso closed stronger Friday after President Clinton and Treasury Secretary Robert Rubin voiced strong support for Brazil and other emerging markets.
In Mexico City, banking leader Banamex quoted the peso closing at a midrate of 10.1550 to the dollar, compared with 10.3850 late Thursday.
Clinton, speaking at the White House, urged Congress to fulfill its commitment to provide funding for the International Monetary Fund. Rubin voiced support for a reform plan drawn up by Brazilian President Fernando Henrique Cardoso. Brazil holds presidential elections Sunday.
Stocks also closed higher after Wall Street and Latin American markets rallied on Clinton's comments.
The market's main IPC index closed up 4.1 percent, or 138.42 points, at 3,528.65. At the end of last year, the index stood at 5,229.35.
Other Latin American markets also rose, with Argentina's Merval index 5.5 percent higher, and Brazil's Bovespa up 7.2 percent.