Verve Capital International Inc.

e-mail: vcii@vervecapital.com

Tables of Relative Position

Mexico (1/23)

Jump to Table


The two "Tables of Relative Position" below present a techno/fundamental recap of the Mexican stock market as of the trading session specified.

The first, "Fundamental Recap", is the simplest, and provides basic fundamental data (not subject to interpretation), for approximately 60 securities in alphabetical order. The table is limited to 60 securities, resulting in a cutoff at around $220 mm market cap and $100 k of trading volume (DLT).

The second , " Technical Recap", is designed as a market timer aid and presents data, developed at Verve Capital, which has been found useful for out-performing the market. This table is presented in order of 20-day price change, a discussion of the concepts behind the table following. All historical stock prices are stated indexed to the latest close (DLT=100).


Interpreting the Technical Recap Table:


The Technical Recap table is designed to provide a rapid overview of relative performances within the Mexican stock market. Three technical indicators are provided.

The first indicator is the stock's 20-day price change ("MOM", short for momentum), (preceded) by a comparison to the level of the previous week. An individual security can begin to be considered overbought/oversold if the current 20-day price change is +25%/- 20%. A trend cannot begin to be considered broken unless the week-to-week MOM has reversed course.

The global stock market decline which commenced last August has caused serious technical damage to the markets we cover with the exception of the U.S.. All market indexes have traded below their 20 and 40-day moving averages with the 20-day crossing below the 40-day M.A.. The Latin American markets have been particularly hard-hit, Brazil the hardest; Mexico resisting nicely. As an approximation to resistance/support levels for all markets we are using the 7/97 lows as resistance and the 11/97 low as support. Today, the M.A.'s are considered the best approximations to resistance. For individual securities these conventions necessarily result in some statistical non-sequitors, but are consistent with trying to beat the market, itself.



Columns display these events sequentially - 7/97 Lo (resistance), 11/97 Lo (support) and 1998 YTD. Three moving averages are shown (200-day, 40-day and 21-day). A stock trading below its 21-day M.A. is considered bearish short term, moreso if both the 21-day and 40-day M.A..'s have turned down . Space does not allow that a comparison with the previous week be provided, but one can gain an idea of trend from the left-right sequential comparisons and their relative positions. Since the stock price is stated DLT=100, all securities are directly comparable for relative performance purposes since the period cited.



Note that indexed DLT=100, a stock is out-performing a peer in its column if its stock price index level is lower. A stock is above an M.A. if the index value is <100. A stock has broken above the resistance range if the resistance index value is <100. And, conversely.


To obtain an approximation to the historical stock price, multiply the index by the closing price and divide by 100. The historical stock price is not adjusted for dividends.


The Technical Recap table is in "stack order". The stack order is the order of 20-day MOM (price change). Generally, the rank order of MOM is of more interest, because rank orders tend to invert at market turning points. For example, the Brazilian market, from experience, always has the most upside potential after a generalized market decline and the liquid state companies will always be near the bottom of the stack. The "stacks of stocks", were they placed side by side, sequentially, display relative strength.



The Technical Recap table is intended to be useful for momentum buyers as well as contrarians.




Relpos: Mexico


Fundamental Recap:

(a/o Close, 1/23/98)

Close N. Ps/shr

% Chg. on day

% Chg. in wk

Vol. - DLT $ MM

52 wk Hi DLT=100

52 wk Lo DLT=100

Mkt. Cap. $ MM

S.E. $ MM

Px/Book

Alfa GI A

44.50

(0.1)

(4.3)

7.045

182.3

97.1

3,205

2,367

1.35

Altos Hornos de Mex

16.48

(0.1)

(8.4)

0.110

155.6

98.1

768

1,434

0.54

Apasco

51.80

0.0

0.6

4.836

134.9

78.5

1,731

1,093

1.58

ARA

37.30

(4.4)

(0.7)

2.098

109.5

58.0

490

205

2.39

Bachoco Industrias UBL

25.00

0.0

0.0

0.326

113.7

74.9

900

467

1.93

Banamex Accival GF B

22.40

0.7

0.4

3.277

124.4

67.1

4,509

2,928

1.54

Banamex Accival GF L

19.20

(0.4)

2.7

0.396

129.5

77.7

3,865

2,928

1.32

Bancomer GF A

2.89

5.1

(0.3)

0.423

147.4

61.5

2,101

2,547

0.83

Bancomer GF B

4.50

1.4

(2.4)

4.566

139.2

47.8

3,272

2,547

1.28

Banorte GF B

14.44

0.0

(5.1)

0.168

119.6

52.2

794

430

1.85

BBV-Probursa B

1.89

(1.6)

(4.1)

0.121

144.9

82.1

711

589

1.21

Bimbo GI A

75.40

(0.4)

(0.1)

0.840

106.9

61.0

3,032

1,109

2.73

BIPER B

3.22

(3.0)

1.6

0.286

126.4

91.5

192

33

5.77

Cables Mexicanos

4.90

(1.0)

(5.4)

0.156

126.5

79.2

163

116

1.40

Carso Grupo A1

46.60

(1.7)

(3.3)

2.916

152.4

84.1

5,111

1,925

2.66

Cemex B

34.65

(1.0)

(3.7)

2.877

153.7

70.6

5,902

3,512

1.68

Cemex CPO

29.95

0.0

(1.5)

9.413

155.6

64.9

5,101

3,512

1.45

Cifra C

14.66

(0.5)

(6.0)

8.578

130.5

66.6

8,461

2,646

3.20

Cifra V

16.08

(0.4)

(5.9)

6.766

133.7

61.5

9,281

2,646

3.51

Cintra A

6.78

(0.6)

(3.1)

0.146

146.4

82.9

811

674

1.20

Continental Grupo

24.80

(0.8)

(8.1)

0.263

121.7

67.7

1,116

304

3.67

Controlad Comer Mex UBC

10.34

1.4

(1.9)

1.656

108.2

53.2

1,348

855

1.58

Corp. Inter. de Ent B

56.80

(0.4)

(4.5)

0.972

116.2

40.9

362

77

4.72

Corpor Geo B

47.20

1.1

(2.3)

1.439

119.4

75.7

543

217

2.51

Cydsa A

17.80

0.0

(1.7)

2.935

182.8

99.0

256

486

0.53

Desc Fomento Ind B

58.70

(1.7)

(14.9)

6.109

154.1

80.2

2,144

1,091

1.96

Desc Fomento Ind C

58.00

(4.9)

(13.7)

2.660

154.6

81.9

2,118

1,091

1.94

Dina Grupo

9.10

(6.2)

(8.8)

0.397

163.1

54.6

282

233

1.21

Elektra CPO

13.32

1.5

(1.9)

0.874

115.8

49.9

1,994

465

4.29

FEMSA Fom Econ Mex B

56.80

0.9

(1.2)

7.163

136.0

49.5

3,691

1,344

2.75


GCORVI UBL

4.10

2.0

(2.4)

0.499

167.7

80.0

178

127

1.40

Gigante B

2.94

1.4

(0.3)

0.151

131.9

73.2

1,047

863

1.21

Gomo Grupo

16.86

(2.3)

13.2

0.298

107.6

32.2

153

23

6.72

Grupo Ind. Saltillo B

26.05

(1.7)

(1.9)

0.128

145.3

91.5

887

353

2.51

Grupo Maseca (Gruma B

24.80

(0.4)

(3.9)

0.340

193.4

99.6

1,038

796

1.30

Grupo Mexico B

27.50

(1.8)

(3.3)

0.570

136.2

93.5

2,274

2,716

0.84

Grupo Modelo C

63.00

(1.4)

(1.3)

0.689

128.8

75.6

6,147

2,073

2.97

Herdez B

6.20

0.3

(3.7)

0.312

120.0

47.7

240

114

2.11

HOGAR B

17.66

(0.7)

0.9

0.164

113.1

62.5

138

49

2.81

Hylsa BCP

36.20

(3.5)

(6.0)

1.293

198.9

92.5

1,059

1,187

0.89

ICA Soc Controlad

19.00

0.2

(1.0)

1.780

145.3

75.4

1,442

1,247

1.16

Industrias CH B

31.80

(4.9)

(15.2)

2.147

161.9

76.3

283

215

1.32

Kimberly Clark Mex A

37.15

3.3

(0.9)

6.199

119.9

75.8

6,151

1,288

4.78

Kimberly Clark Mex B

35.85

(3.1)

(3.1)

1.246

121.8

78.8

5,936

1,288

4.61

KOF Coca-Cola FEMSA L

15.14

(0.8)

3.2

0.263

107.1

52.2

2,589

444

5.83

Maseca GI B

6.38

2.9

(5.9)

1.293

177.1

89.8

703

447

1.57

Penoles Industrias

31.50

4.3

(1.6)

1.650

137.8

94.2

1,529

981

1.56

Pepsigx Emb Mex Grp CPO

19.04

2.9

3.5

1.355

133.8

62.7

1,073

456

2.35

San Luis CI A

20.60

(0.5)

(6.6)

0.102

121.5

79.5

590

194

3.04

San Luis CI CPO

54.50

0.6

(2.5)

1.445

147.8

81.4

520

194

2.68

Soriana Organizac B

32.40

3.5

1.3

0.822

116.5

48.6

2,333

684

3.41

Tablex 2

17.50

(2.8)

0.0

0.332

173.9

99.6

153

166

0.92

Telecom G. Carso A1

29.00

(1.0)

(4.3)

4.569

130.0

82.1

3,300

1,669

1.98

Telefonos de Mexico L

20.40

0.0

(0.5)

27.119

115.7

75.0

19,876

11,175

1.78

Televisa CPO

138.50

(2.5)

(1.8)

1.062

121.0

68.3

5,136

1,971

2.61

Television Azteca S CPO

42.00

3.4

0.4

0.515

114.4

80.7

3,165

292

10.83

Tribasa Grupo *

22.70

4.6

4.1

0.584

132.9

87.8

555

462

1.20

Tubos de Acero Mex

129.00

(2.8)

(10.0)

1.710

192.9

98.1

1,080

843

1.28

Vitro

31.55

(1.4)

(5.8)

1.471

144.8

59.1

1,363

992

1.37

IPyC

4,543

(0.2)

(2.7)

139.294

128.0

84.7

-

-

-

Fundamental Recap:

(a/o Close, 1/23/98)

Close N. Ps/shr

% Chg. on day

% Chg.

in wk

Vol. - DLT $ MM

52 wk Hi DLT=100

52 wk Lo DLT=100

Mkt. Cap. $ MM

S.E. $ MM

Px/Book


Technical Recap:

(a/o Close, 1/23/98)

Close US$/shr

MOM Wk -1

MOM Close

Resist. 7/97 Lo DLT=100

Supp. 11/97 Lo DLT=100

YTD DLT=100

200 dy M.A. DLT=100

40-day M.A. DLT=100

21-day M.A. DLT=100

Banorte GF B

1.733

8.4

7.2

60.2

62.0

100.6

82.4

98.0

101.0

Kimberly Clark Mex A

4.459

5.0

4.0

89.4

87.2

109.9

97.2

101.1

101.2

Gomo Grupo

2.052

(3.4)

3.0


58.2

96.1


96.4

95.7

Controlad Comer Mex UBC

1.241

2.2

0.5

74.0

71.8

105.1

82.6

100.0

103.4

Kimberly Clark Mex B

4.364

2.6

(1.2)

91.5

88.9

107.7


106.8

101.4

ARA

4.477

0.6

(1.5)

78.5

75.9

108.6

88.6

101.9

104.7

Bimbo GI A

9.049

(1.8)

(1.5)

79.1

80.4

106.9

88.0

99.8

102.4

Elektra CPO

1.599

(1.1)

(2.7)

68.3

73.3

108.6

85.5

102.7

104.6

Pepsigx Emb Mex Grp CPO

2.285

(8.4)

(2.8)

90.5

92.7

104.2

102.1

103.3

99.9

Bachoco Industrias UBL

3.000

(6.6)

(3.0)


89.3

109.3


104.3

103.7

Apasco

6.217

(3.9)

(3.5)

115.1

78.5

111.7

110.2

102.1

103.8

Corpor Geo B

5.665

(4.6)

(3.6)

100.0

81.3

108.4

100.6

106.1

104.1

Gigante B

.353

(3.7)

(4.0)

99.2

86.4

123.0

103.6

104.7

104.3

KOF Coca-Cola FEMSA L

1.831

(5.6)

(4.1)

82.9

79.8

106.1

88.2

99.0

102.1

Banamex Accival GF B

2.688

(1.8)

(4.6)

87.9

67.1

111.4

97.0

99.0

103.0

Soriana Organizac B

3.889

(5.1)

(5.2)

64.5

73.8

113.2

83.6

104.3

105.4

Grupo Modelo C

7.561

(3.4)

(5.7)

91.3

92.6

111.2

102.6

106.9

104.5

Telecom G. Carso A1

3.481

(0.1)

(6.5)

112.0

85.6

116.9

107.7

107.7

108.7

Bancomer GF A

.34686

(4.7)

(7.1)

84.5

86.7

114.4

100.4

107.0

105.2

BBV-Probursa B

.22684

(3.9)

(7.4)

92.9

105.7

114.3

111.3

107.6

108.2

Television Azteca S CPO

5.041

(11.2)

(7.7)


80.7

112.2


104.8

103.6

HOGAR B

2.120

(7.2)

(7.9)

67.3

83.0

112.3


104.6

105.6

Tribasa Grupo *

2.724

(9.9)

(8.1)

97.0

90.9

108.1

106.5

105.9

102.5

Banamex Accival GF L

2.304

(3.0)

(8.2)

103.2

77.7

111.9

100.3

98.9

102.8

San Luis CI A

2.472

6.3

(8.2)

84.9

83.7

112.9

87.0

97.6

99.4

Vitro

3.787

(4.4)

(8.9)

97.7

94.8

116.4

105.8

110.7

107.2

Televisa CPO

16.623

(8.7)

(9.5)

79.7

94.1

117.2

98.8

111.4

108.6

Telefonos de Mexico L

2.448

(4.3)

(9.5)

97.3

84.0

115.2

98.0

105.6

106.2

Herdez B

.74412

0.4

(9.9)

69.6

70.7

113.3

88.1

104.1

106.4

Grupo Mexico B

3.301

(5.6)

(10.2)

111.1

106.3

112.7

113.9

107.8

104.8

Corp. Inter. de Ent B

6.817

(6.5)

(10.2)

62.4

70.2

114.2

82.0

108.3

108.0


Cintra A

.81373

(2.4)

(10.9)

96.5

100.6

114.0

116.0

113.5

109.2

BIPER B

.38944

(12.2)

(11.1)

97.4

94.7

115.9


108.4

107.9

FEMSA Fom Econ Mex B

6.817

(11.0)

(11.4)

87.3

96.2

117.3

102.4

113.5

108.7

IPyC

545.23

(7.9)

(11.6)

102.7

92.9

118.9

107.8

111.2

109.1

Continental Grupo

2.976

(5.6)

(11.9)

89.5

88.4

119.6

94.9

111.8

110.6

Bancomer GF B

.54009

(9.0)

(12.2)

89.0

86.0

119.4

101.9

111.2

110.0

ICA Soc Controlad

2.280

(14.1)

(13.6)

116.1

94.2

118.3

116.8

112.6

108.3

Carso Grupo A1

5.593

(10.1)

(14.2)

121.6

99.0

119.7

121.3

115.3

110.4

Grupo Ind. Saltillo B

3.127

(13.1)

(14.2)

112.4

91.5

130.9

115.8

114.4

113.0

Altos Hornos de Mex

1.978

(7.6)

(14.6)

122.5

119.2

125.4

126.1

117.7

114.0

Tablex 2

2.117

(14.7)

(14.6)

141.3

102.8

108.4

140.6

112.2

112.1

Cables Mexicanos

.58809

(6.4)

(15.5)

105.4

92.4

126.5

106.5

110.5

113.3

Penoles Industrias

3.781

(9.2)

(15.7)

107.8

98.0

119.7

116.9

108.8

108.7

San Luis CI CPO

6.541

(2.8)

(15.9)

105.0

106.5

125.7

109.7

110.5

110.3

GCORVI UBL

.49208

(10.9)

(16.3)

115.9

106.9

120.0

121.5

114.8

108.7

Cemex CPO

3.595

(16.5)

(16.6)

119.7

90.9

126.1

122.2

116.8

111.2

Cifra V

1.930

(13.4)

(17.5)

94.3

89.6

127.9

100.5

116.1

116.8

Cemex B

4.159

(14.7)

(17.9)

116.3

86.3

128.5

119.5

117.7

113.0

Cifra C

1.759

(12.5)

(18.8)

90.4

88.0

127.6

100.9

117.0

116.3

Alfa GI A

5.341

(12.6)

(18.9)

125.9

128.1

127.0

134.9

123.2

112.8

Tubos de Acero Mex

15.482

(14.2)

(20.7)

114.6

119.7

139.3

128.5

127.3

118.7

Desc Fomento Ind C

6.961

(9.3)

(20.8)

104.3

111.5

135.1

118.7

127.9

121.7

Desc Fomento Ind B

7.045

(9.9)

(21.7)

103.9

110.2

135.7

120.3

127.7

121.9

Hylsa BCP

4.345

(16.5)

(22.0)

118.4

126.1

135.6

140.5

129.8

118.3

Cydsa A

2.136

(15.9)

(24.2)

126.6

111.9

130.6

132.4

120.9

116.4

Dina Grupo

1.092

(18.9)

(24.2)

69.3

87.6

126.0

101.9

124.4

114.9

Grupo Maseca (Gruma B

2.976

(16.1)

(26.4)

150.6

128.6

133.3

150.8

125.9

118.9

Maseca GI B

.76572

(24.0)

(27.3)

139.6

119.7

135.1

139.4

129.7

119.9

Industrias CH B

3.817

(20.5)

(32.6)

106.6

123.8

157.3

120.3

138.5

133.0

Technical Recap:

(a/o Close, 1/23/98)

Close US$/shr

MOM Wk -1

MOM Close

Resist. 7/97 Lo DLT=100

Supp. 11/97 Lo DLT=100

YTD DLT=100

200 dy M.A. DLT=100

40-day M.A. DLT=100

21-day M.A. DLT=100



Data Sources: Economatica ; vervecapital


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