Lima’s Stock Exchange reverses upward trend, falls 2.55 percent

Lima’s Stock Exchange fell 2.55 percent Wednesday, reversing its upward trend of a 7.85-point rise over the past week, and 5.52 points since the beginning of this year.

The effects of the global credit crunch and falling commodity prices, as well as the disheartening U.S. unemployment statistics, led to the 2.55 percent drop, reported Radio Radio Programas, RPP.

In an attempt to mitigate the effects of this sudden plunge, the Lima Stock Exchange is expected to add listings by energy, construction, retail and agricultural companies.

“In 2008, a total of 23 new companies registered (with the Exchange),” said the stock market’s President, Roberto Hoyle, “which is 44 percent more than the previous year.”

Last year, plummeting prices for metals shot the Lima General Index down 60 percent, making it the worst performer among Latin American stock markets. Peru is the world’s largest producer of silver, the third largest of copper, zinc and tin, and fifth largest producer of gold. Approximately 60 percent of the Andean country’s export revenue is generated by mining.

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