Soriana Falls on Economic Outlook, Comments by Carlos Slim
Organizacion Soriana SAB (SORIANAB), Mexico’s second-largest retailer, fell for the first time in three days on the weak economic outlook.
Soriana slid 3.1 percent to 23.2 pesos at 12:31 p.m. New York time.
A gloomy economic outlook combined with comments yesterday by Carlos Slim that Mexico’s gross domestic product will “plunge” mean investors are betting that consumer spending will drop, said Tufic Salem, an analyst with Credit Suisse in Mexico City.
Mexico’s economy may contract by as much as 1.8 percent this year, central bank Governor Guillermo Ortiz said Jan. 27.
Controladora Comercial Mexicana SAB (COMERUBC) fell 0.6 percent to 3.12 pesos, the first decline in four days.
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