Homebuilder Homex Posts World's Worst Selloff Bloomberg
go to original August 3, 2013

Desarrolladora Homex SAB (HOMEX), Mexico’s biggest homebuilder by 2012 revenue, plunged to a record low, extending a three-day selloff that has been the steepest in the world.

The shares fell 13 percent to 2.76 pesos at 12:12 p.m. in Mexico City, pushing the three-day plunge to 58 percent, the most among 2,588 securities on the Bloomberg World Index with average daily trading volume exceeding 1 million shares in the past 30 days.

The builder said July 25 that it had losses of 10.2 billion pesos ($800 million) in the second quarter. The deficit was the Culiacan, Mexico-based company’s biggest on record and exceeded the average projection for a 29 million peso loss among analysts surveyed by Bloomberg. Homex said in a regulatory filing that it didn’t have any additional information to explain yesterday’s rout.

Read the rest at Bloomberg

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