The Mexican market indices fall, reversing a positive opening, despite the advance of their American counterparts following Nvidia’s strong fourth-quarter results.

The Mexican stock exchanges operate with losses on Thursday. Local market indices decline, reversing a positive opening, despite strong advances in their American counterparts following Nvidia’s strong fourth-quarter results.

The benchmark S&P/BMV IPC index, of the Mexican Stock Exchange (BMV), comprised of the 35 most traded local stocks in the domestic market, loses 0.24% at 56,884.95 points. The FTSE BIVA, of the Institutional Stock Exchange (Biva), drops 0.31% to 1,173.96 points.

Within the benchmark index, most of the components are trading with losses. Grupo Televisa leads the losses, down 3.51% to 11.01 pesos, followed by the bakery Grupo Bimbo, down 3.05% to 72.53 pesos, and Orbia, down 2.24% to 32.77 pesos.

The local stock market reverses a positive opening that was driven by Nvidia’s numbers and economic figures supporting a rate cut in March in Mexico. With this, local stock exchanges extend profit-taking for the third consecutive session.

This happens after the news of 2023 GDP growth.

The Mexican economy recorded a growth of 3.2% throughout the year 2023, in real terms and with seasonally adjusted figures, according to information from the National Institute of Statistics and Geography (INEGI).

The final performance of Mexico’s GDP, released by INEGI, showed a slight upward adjustment compared to the projection made by the entity 20 days ago, in its timely statistics, which stood at 3.1 percent.

This means that with a 3.2% advance in the year, it fell below the projection made by the International Monetary Fund (IMF) at the end of January, when it calculated that it would end with an increase of 3.4%, which is the same growth rate estimated by the market consensus surveyed by Citibanamex in its first survey of the year.