The local indices declined for the third consecutive session, amid market risk aversion and anticipation of quarterly reports.

The Mexican stock exchanges closed with losses in Tuesday’s trading. Local indices retreated for the third consecutive session, amid market risk aversion and anticipation of quarterly reports.

The S&P/BMV IPC index, representing the 35 most traded local stocks on the Mexican Stock Exchange (BMV), fell by 0.33% to a level of 55,797.25 units. The FTSE BIVA index from the Institutional Stock Exchange (Biva) also declined by 0.39% to 1,142.96.

Within the benchmark index, most stocks ended the session with losses. Banco del Bajío led the declines, dropping by 4.64% to 59.83 pesos, followed by Becle, the producer of Jose Cuervo tequila, which fell by 3.27% to 32.52 pesos.

The stock market has now experienced three consecutive declines and has lost ground in six out of the last seven sessions. In this latest negative trend, the S&P/BMV IPC has dropped by almost 4%. Investors are now awaiting quarterly results.

Today in Washington, D.C., the International Monetary Fund (IMF) lowered its growth forecast for Mexico for this year and the next, acknowledging a slowdown that began in the last quarter of 2023 and the impact expected from the fiscal consolidation in the first year of the new government.

Experts from the organization anticipate that the Mexican economy will achieve a growth of 2.4% in Gross Domestic Product (GDP) for 2024, which is lower than the 2.7% forecasted in January.