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THE EMERGING MEXICO FUND, INC. REPORTS EARNINGS

 NEW YORK, Nov. 11 /PRNewswire/ -- The Emerging Mexico Fund, Inc. (NYSE: MEF), is a closed-end, non-diversified investment company seeking long-term capital appreciation through investments primarily in equity securities of Mexican companies. Today, the Fund announced its performance for the quarter ended Sept. 30, 1993.
 During the quarter ended Sept. 30, 1993, the Fund had a net realized and unrealized gain of $10,332,515, or $1.55 per share. Net investment income for the quarter was $15,164 equal to $0.00 per share. For the quarter ended Sept. 30, 1992, the Fund had a net realized and unrealized loss of $14,948,480, or $2.98 per share. Net investment income for the period was $106,000, or $0.02 per share.
 On Sept. 30, 1993, total net assets of the Fund were $115,770,436, and the net asset value per share was $17.33 based on 6,678,666 shares outstanding. The net asset value per share increased 9.8 percent from the net asset value per share of $15.79 on June 30, 1993.
 Of the Fund's $115.8 million in net assets, 97.0 percent was invested in Mexican equities and 3.2 percent in short-term Mexican government obligations. Liabilities in excess of other assets accounted for the remaining (0.2) percent of total net assets.
 At Sept. 30, 1993, the Fund's six largest equity investments, by industry sector, were in the following: Communications (19.5 percent of net assets); Construction (18.7 percent); Retail (14.6 percent); Food, Beverages, Tobacco (13.1 percent); Financial Services (12.4 percent); and Industrial Conglomerates (9.0 percent).
 As of Sept. 30, 1993, the Fund's ten largest Mexican common stock holdings (in descending order), representing 72.7 percent of net assets, were in:
 Telefonos de Mexico, S.A. de C.V.
 Cementos Mexicanos, S.A. de C.V.
 Cifra, S.A. de C.V.
 Grupo Carso, S.A. de C.V.
 Kimberly-Clark de Mexico, S.A. de C.V.
 Grupo Industrial Bimbo, S.A. de C.V.
 Grupo Financiero Banamex S.N.C.
 Fomento Economico Mexicano, S.A. de C.V.
 Grupo Financiero Bancomer S.N.C.
 Sears Roebuck de Mexico, S.A. de C.V.
 The Fund's investment adviser is Santander Management Inc., an indirect subsidiary of Banco Santander, S.A. To receive a copy of the Fund's most recent report to shareholders, call 800-852-4750 or 212-688-6840.
 -0- 11/11/93
 /CONTACT: C. William Maher, treasurer of The Emerging Mexico Fund, Inc., 212-713-2421, or Marissa Moretti of Dewe Rogerson, Inc., 212-688-6840/
 (MEF)


CO: The Emerging Mexico Fund, Inc. ST: New York IN: FIN SU: ERN

WB-LD -- NY073 -- 3419 11/11/93 17:26 EST
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Publication:PR Newswire
Date:Nov 11, 1993
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