June 6, 2011 / 5:49 PM / 8 years ago

Mexico stocks fall as Grupo Mexico hit by Peru fears

MEXICO CITY, June 6 (Reuters) - Mexican stocks fell sharply on Monday, hit by losses in shares of miner Grupo Mexico as investors worried Peru’s newly elected, leftist president could raise taxes on its mining assets in the Andean nation.

Mexico's IPC stock index .MXX shed 1.04 percent to 34,758 points, breaking below a key support that could push more traders to dump shares. Grupo Mexico shares (GMEXICOB.MX) headed for their biggest one-day percentage loss in more than two years, falling by6.45 percent.

Bank of America Merrill Lynch analysts on Monday downgraded shares of Grupo Mexico and its Peruvian unit Southern Copper (SCCO.K)(SOUi.LM) to neutral. [ID:nN06145689] (Reporting by Michael O’Boyle)

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