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Name | Symbol | Market | Type |
---|---|---|---|
Kimberly Clark De Mexico S A B de C V (PK) | USOTC:KCDMY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.23 | 2.64% | 8.93 | 8.60 | 8.93 | 8.95 | 8.698 | 8.71 | 3,843 | 15:33:32 |
By Carla Mozee
Latin America equities slid Monday, as stocks on Wall Street tumbled on persistent worries that the U.S. banking system remains in rough shape, and as oil prices posted their steepest one-day drop in more than a month.
In Mexico, the IPC index fell 3.1%, with shares of cement maker Cemex (CX) down 8%.
"The market talk is that [Cemex's] earnings will be poor, with some talking about a 65% drop in net income," in the first quarter, said RBC Capital Markets in a note Monday. "Recall that in March Cemex pulled back from its intention of raising $500 million through a bond offering."
Cemex's report is due April 28.
The fall in Cemex, which acts as a bellwether equity in Mexico according to RBC, may have been "one potential driver" for a sharp drop in the Mexican peso, which sank nearly 2% against the U.S. dollar.
The only two stocks on the IPC that moved higher were shares of household products maker Kimberly-Clark de Mexico (KCDMY) and electronics retailer Grupo Elektra, up 2.9% and 1.2%, respectively. Kimbera last week posted quarterly results that were in line with market expectations.
In Brazil, oil giant Petrobras (PBR) dropped 2.8% as crude-oil prices on the New York Mercantile Exchange fell 8.8% to $45.88 a barrel, hurt by a strength in the dollar and excess crude inventories. It was the commodity's worst percentage decline in March 2.
Oil also pulled back after Bank of America's (BAC) better-than-expected earnings were overshadowed by the company's warning that losses from bad loans are poised to worsen.
"A stronger U.S. dollar and renewed concerns regarding an economic recovery once again drove oil prices down," said analysts at Commerzbank.
Brazil pressured
At the same time, Brazilian analysts continue to expect Latin America's largest economy to shrink this year. The central bank's weekly survey shows that they now expect gross domestic product in 2009 to fall 0.49%, compared with the previous estimate of 0.3%.
In addition to a dimmer view of the Brazilian economy, Companhia Vale do Rio Doce (RIO) shares also fell under pressure after the world's largest iron-ore provider said it is offering temporary prices discounts of 20% on long-term contracts. The prices will be adjusted when discussions about benchmark prices for this year are completed.
The Bovespa equity index fell 3.1%, with investors also trading as options expired.
Argentina's Merval fell 5% as shares of steel tube maker Tenaris (TS) dropped 6.8%. Chile's IPSA fell 1.3%.
1 Year Kimberly Clark De Mexico... (PK) Chart |
1 Month Kimberly Clark De Mexico... (PK) Chart |
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