Latins mixed for Christmas
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December 24, 1998: 2:18 p.m. ET
Mexican, Argentine, Venezuelan stocks are rewarded; Santiago is not
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NEW YORK (CNNfn) - Latin American markets closed Thursday on a mixed note, with most traders heading out for the Christmas holiday.
Mexican stocks extended earlier gains to close above the psychological 4,000-point mark due to year-end portfolio buying.
"The market is very sluggish, with few deals, and window-dressing is what will make up volume this session," a floor trader said.
The leading IPC stock index closed up 71.06 points, or 1.81 percent, at 4,001.35 after a quiet half-day of trading.
Chilean stocks ended slightly lower in their own lackluster, shortened session.
"When there is no volume, the local tendency is for the market to slip in value," said one trader.
Santiago's general IGPA stock index dipped 9.16 points, 0.25 percent, to 3,634.64.
A minimal $4.5 million in volume was traded with declines edging advances 24 to 16 while 35 traded stocks remaining unchanged in price.
Brazilian, Peruvian and Colombian financial markets were closed ahead of the Christmas holiday.
Venezuelan stocks, trading for a full session ahead of the holiday, gave up some of their morning gains to end up 39.97 points, 0.86 percent higher at 4,700.93.
Argentine shares drifted higher to end with slim gains in quiet Christmas Eve trade.
The leading-share MerVal index firmed 2.92 points, 0.66 percent, to 443.69.
But turnover was just a scant $1.2 million, a stark decline from the already modest $25.5 million on Wednesday.
"I wouldn't pay any attention to today's trade," said broker Jose Napoli of Napoli Sociedad de Bolsa.
-- from staff and wire reports
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