Mexico IPC index loses to profit taking on American Movil

After closing at a record high in Friday, the IPC index in Mexico lost 183.23 points to close at 14,135.24 on Monday.

Key to the loss was cellphone operator American Movil.

The company, the most heavily weighted on the IPC index, lost 2.56 percent to close at 11.06 pesos, while its American Depositary Receipt (ADR) lost 2.81 percent to $20.74.

Analysts called the loss profit taking from recent advances in American Movil’s shares.

Broadcaster Televisa was also down, losing 1 percent to 35.51 pesos on an announcement that it was joining with billionaire Carlos Slim to begin operating a discount air carrier. Televisa’s ADR fell 2.39 percent to $66.22.

Mexican Coke bottler Coca-Cola Femsa lost 1.37 percent to 29.45 pesos, while its shares that trade in New York were down 1.97 percent to $27.35 after Morgan Stanley downgraded it to “equal weight” as share price approached its target price of $28 per share.

Meanwhile, the peso lost 0.75 percent, or 8.05 centavos, to 10.7055 pesos to the dollar. The peso’s fall was the largest since March 23, and came on what analysts characterized as a technical sell-off after recent gains.

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