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Mexican stocks rise on government stimulus package

Mexican stocks rise on government stimulus package

Investors bid up Mexican stocks Tuesday as the government announced a package of loans and credits to help the tourism industry and other businesses hurt by the swine flu crisis, while the peso made its best showing against the dollar since the illness hit.
Mexico's benchmark IPC index rose just under 2 percent to close at 23,430, and the peso improved to 13.2 per dollar. The government unveiled the $2 billion economic stimulus plan as officials estimated Latin America's second-biggest economy lost at least $2.2 billion over the past 10 days because of the flu scare.
In Brazil, stocks were little changed amid a government report saying industrial production in March was down 10 percent from the previous year. The Ibovespa stock index rose 0.5 percent to close at 50,670.
Shares of state-run oil company Petroleo Brasileiro SA stabilized after several days of gains on bolstering oil prices. Shares of Companhia Vale do Rio Doce SA, the world's biggest producer of iron ore, rose 0.1 percent.
Argentina's Merval index rose 0.8 percent to 1,363, and Chile's Ipsa rose 0.7 percent to 2,776.


Updated : 2021-05-18 23:45 GMT+08:00