(Updates prices in second paragraph.)
Dec. 13 (Bloomberg) -- Wal-Mart de Mexico SAB, Latin America’s largest retailer, tumbled the most in four months as sellers cashed in on the highest price on record.
Shares fell 4.8 percent to 37.05 pesos at the close of trading in Mexico City, the biggest loss since Aug. 8.
“It could be opportunity selling,” said Paola Sotelo, an analyst at Monex Casa de Bolsa in Mexico City. “It could be that the shares were overvalued.”
The retailer’s stock had rallied after Dec. 6, reaching records Dec. 8 and Dec. 9, after it reported Mexican same-store sales in November surged the most in five years.
The benchmark IPC index of 35 Mexican stocks fell 2 percent today, twice the decline for the Standard & Poor’s 500 Index, as traders returned to work after a local market holiday yesterday. The S&P fell 1.5 percent yesterday.
--Editors: Richard Richtmyer, Glenn J. Kalinoski
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