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TMCNet: DJ Mexico's Stocks Open Higher, Peso Rebounds Vs Dollar

[February 09, 2010]

DJ Mexico's Stocks Open Higher, Peso Rebounds Vs Dollar

MEXICO CITY, Feb 09, 2010 (Dow Jones Commodities News Select via Comtex) -- By Anthony Harrup Of DOW JONES NEWSWIRES Mexican stocks opened higher Tuesday, and the peso rebounded against the U.S. dollar as investors took cheer from speculation that a bailout plan could be in the works for debt-burdened Greece.

The benchmark IPC index of leading issues was up 0.9% at 30,931.83 points around 10:20 a.m. EST. Volume was 25.7 million shares worth 649.8 million pesos ($49.6 million).

Gains were led by wireless company America Movil, the IPC heavyweight whose L shares were up 0.8% to MXN28.97. Copper miner Grupo Mexico (GMEXICO.MX) B shares were 2% higher at MXN27.98, and media and communications conglomerate Televisa (TV) CPO shares were up 1.7% to MXN49.39.

The peso was making a strong comeback from Monday's close, which was its weakest since the first half of November. The peso was quoted in Mexico City at MXN13.1025, compared with MXN13.2210 Monday.

The Bank of Mexico reported that Mexico's foreign reserves reached a record high last week, rising $921 million to $93.48 billion.

The central bank also reported consumer price inflation for January, which was above estimates at 1.09%, largely as the result of tax increases implemented at the beginning of the year and higher public transport fares.

The annual inflation rate rose to 4.5% from 3.6% at the end of December.

-By Anthony Harrup, Dow Jones Newswires; (5255) 5980 5176, anthony.harrup@dowjones.com (END) Dow Jones Newswires 02-09-10 1031ET

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