The Mexican stock market reverses its positive opening and loses ground

The Mexican indices fall following their opening in line with their counterparts in New York. The local market resumes its decline after rebounding yesterday following three consecutive drops.

The Mexican stock exchanges are trading with losses on Tuesday morning. Local indices are down after their positive opening in line with their counterparts in New York. The local market resumes its decline after yesterday’s rebound following three consecutive drops.

The leading index S&P/BMV IPC, from the Mexican Stock Exchange (BMV), composed of the most traded local stocks, is down 0.34% at 54,890.69 units. The FTSE BIVA, from the Institutional Stock Exchange (Biva), falls 0.30% and stands at the level of 1,134.82 points.

Within the benchmark index, most stocks are trading with losses. Shares of Grupo Financiero Inbursa lead the decline, down by 2.19% at 50.36 pesos, followed by Volaris, with a decrease of 1.55% at a price of 12.10 pesos.

This comes after President Andrés Manuel López Obrador suggested on Tuesday that changes in labor matters be reviewed after this year’s electoral process, as he considered the proposed measures to have political undertones.

Among the initiatives mentioned is a bill approved by Senate committees to double the Christmas bonus for private sector workers, as well as a draft to extend paternity leave to 20 days, and another to reduce the workweek to 40 hours.

ABOUT THE AUTHOR See More

Ignacio Teson

Economist and Financial Analyst

Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.

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