Mexican stocks up

Mexican stocks rose on Friday, as investors bet Congress would pass a tax reform law and that miner Grupo Mexico would post positive earnings for the second quarter. The benchmark IPC stock index was up 0.90 percent at 32,467 points, while the peso currency rose 0.19 percent to 10.786 per dollar.
Mexican lawmakers are debating changes to President Felipe Calderon's tax reform proposal that was unveiled last month. A key opposition party said on Thursday it plans to make changes to the bill, but some investors see the legislation being approved by September. "Expectations that the bill will pass are creating demand for Mexican assets," said Juan Jose Resendiz, a stock analyst at Arka brokerage in Mexico City.
Dominant cell phone operator America Movil pushed hardest among the stock index's winners, rising 0.67 percent to 35.80 pesos. Its New York traded shares were up 0.65 percent at $66.35. Fixed line telephone giant Telmex jumped 2.97 percent to 22.17 pesos, while its New York traded shares were up 3.14 percent at $41.09.
Resendiz said high copper prices during the second quarter probably will translate into healthy profits for copper miner Grupo Mexico, which climbed 1.57 percent to 72 pesos.
Mexican companies are expected to begin reporting second quarter earnings reports next week. Grupo Mexico's share price has been supported in recent days by a surge in copper prices amid concerns over strikes in Mexico and in Chile. In the debt market, the bid price of the benchmark 10-year government peso bond was flat at 101.913, with its yield at 7.69 percent.