Only One Winner

Only One Winner

Equity

The Mexico City Stock Exchange's IPyC share price index is the only one to have performed reasonably well over the last five years. It is nearly 70% above where it stood in January 1997. The IPyC and the São Paulo stock market's Ibovespa index were closely synchronized until January 1999, when the Brazilian real lost one-third of its value. The correlation finally broke down at the beginning of last year as investors fled Brazil in fear of contagion from Argentina. Brazil's weak currency does not help, while Mexico's super peso has increased returns to investors. The Buenos Aires market's Merval index has crashed, losing three-quarters of its value. In contrast, Santiago's Ips

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