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Latin bolsas move up
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February 16, 1999: 5:04 p.m. ET
Brazil investors celebrate Carnival, while neighboring exchanges post gains
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NEW YORK (CNNfn) - Fat Tuesday delivered heft to some Latin American bolsas, which, despite the absence of trading in Brazil - the region's largest economy and center for Carnival celebrations - managed to post some solid gains by day's end.
Mexican stocks were buoyed by early strength on Wall Street, a steady peso and better than expected company earnings reports. The Finance Ministry also reported Tuesday that the country's industrial production grew 6.6 percent in 1998 from the previous year.
The benchmark IPC index closed up 55.44 points, or 1.35 percent, at 4,159.04.
Similarly, stocks in Argentina made early gains on the Dow's coattails, but pared gains by day's end in response to an afternoon downturn on Wall Street. The Merval index closed nearly unchanged at 390.30.
Shares in Chile climbed 24.33 points, or 0.65 percent, to close at 3,787.47, while Peruvian stocks posted a gain of 12.20 points, or 0.89 percent, to finish at 1388.86.
Colombian stocks ended mixed as local investors lost interest and international players stayed away. The IBB index closed up 3.85 points, or 0.41 percent, at 925.90.
In addition to the market in Brazil, the stock exchange in Venezuela was also closed for Carnival celebrations.
-- from staff and wire reports
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