Mexico's Stocks Jumpy At Open; Cemex Up After Pricing

MEXICO CITY -- Mexican stocks got off to a jumpy start Wednesday, and the peso weakened against the dollar ahead of the results of the U.S. Federal Reserve's policy meeting.

The stock market's IPC index of leading issues was up 0.1% at 29,540.91 points around 10:10 a.m. EDT. Volume was 60.5 million shares worth 1.29 billion pesos ($96.2 million).

U.S. equities were slightly lower as investors wait to the see the Fed's views on the economic situation and look for hints that rates could start to rise from their current low levels.

Cement maker Cemex (CX) CPO shares were up 1.6% to MXN17.50, and 5% above Tuesday's pricing of 1.3 billion new CPOs.

The new shares, with which Cemex will raise $1.55 billion to pay down debt, priced at MXN16.65 per CPO, and $12.50 per ADR. Cemex ADRs were recently up 1.5% from Tuesday's close at $13.20.

Of the total shares sold, Cemex placed 325 million CPOs on the local market and the rest were placed abroad.

IPC heavyweight America Movil (AMX) shares were down 0.4% to MXN29.65, and fixed-line phone company Telmex (TMX) L shares were off 0.8% to MXN12.19.

The peso was losing ground against the dollar, as the U.S. currency steadied against other major currencies.

The peso was quoted in Mexico City trading at MXN13.40 to the dollar, compared with MXN13.3345 at the close Tuesday.

The Metanalisis research firm said in its daily report that peso gains have been limited as investors remain cautious about the 2010 budget negotiations in Congress, and the impending suspension at the end of the month of the central bank's $50 million daily dollar sales.