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EMERGING MARKETS-Mexican stocks rise on Fed stimulus bets
November 15, 2013 / 11:02 PM / in 4 years

EMERGING MARKETS-Mexican stocks rise on Fed stimulus bets

2 Min Read

MEXICO CITY, Nov 15 (Reuters) - Mexican stocks topped off their best three day run in more than two months on Friday, after Federal Reserve Vice Chair Janet Yellen lifted investor appetite for riskier assets by defending the U.S. central bank's stimulus measures.

Yellen, speaking at her confirmation hearing before the Senate Banking committee on Thursday, stated that the Fed will keep its stimulus program intact until the U.S. economy shows more strength and stability.

The Fed's $85-billion monthly bond buying program had juiced investor appetite for higher yielding emerging market assets and fears of its removal have hit emerging market assets.

Mexico's IPC stock index, which is down more than 6 percent for the year, rose 1.8 percent on Friday to close at 41,034.11 points, its highest in over a week. Friday's gains capped the index's best three consecutive sessions since mid September.

Shares of tycoon Carlos Slim's telecom giant America Movil rose 2.36 percent, contributing most to the index's gains.

Chile's Ipsa index rose 1.41 percent to close at 3,799.45 points, boosted by shares of Banco de Chile and its rival Santander Chile, which rose 3.18 percent and 2.54 percent respectively.

Former center left president Michelle Bachelet is forecast to easily win Sunday elections in the South American country.

The Brazilian stock market was closed for a holiday.

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