MEXICAN STOCKMARKET HEAD SEES NO CRISIS AFTER FALL
The outlook for Mexico's economy and
stockmarket remains optimistic despite the market's worst-ever
fall of 52,671.56 points on Monday, the president of the
Mexican stock exchange, Manuel Somoza, said.
    He said the 16.51 pct drop in the exchange's index
reflected a "totally emotional" reaction to Monday's fall on the
New York stock exchange and was not a reflection of a new
crisis for the Mexican economy or the stockmarket."
    He was speaking at a news conference here on Monday.
    "We think that after the psycological effect the market will
tend to stabilize itself," Somoza said.
    Somoza said he based his optimism on the relatively bright
outlook of the Mexican economy due to increased income from oil
and non-petroleum exports, record high foreign reserves and
government efforts to promote a modernization of the industrial
sector.
    "The U.S. Economy is not the same as the Mexican," he said.
He did not say when he thought the market would stabilize.
 Reuter
