KTY: Mexican stocks dip as market ends dismal year
MEXICO CITY -- Mexico's IPC stock index slipped 0.18 percent to 22,380 Wednesday as the market closed a dismal year amid the global financial crisis.
Meanwhile the country's peso weakened to nearly 13.9 to the U.S. dollar, its lowest level since Nov. 21, before settling at 13.6. The U.S. buys about 80 percent of Mexican goods sold abroad.
Latin America's other markets were closed for the holiday.
The world financial crisis has battered Latin American stocks and currencies, as foreign investors dumped local assets to cover losses at home and sales dropped at the region's biggest exporters amid falling prices for oil, copper, soy and other commodities.
Oil prices have declined more than 73 percent since topping $147 a barrel on July 11 as the slowing world economy curbed demand.
Brazil's Ibovespa has lost about 37 percent of its value and its currency has weakened by 43 percent since July 11. Mexico's IPC index has lost about 19 percent and the peso 34 percent in the same period.
