Mexican Stock Market Falls Sharply; Grupo Carso Leads the Decline

The local stock market remains in a weak trend that became much more evident following Morena's victory in the June 2nd elections.

Ignacio Teson•Friday, June 14, 2024•1 min read

Affected by negative local sentiment and with Grupo Carso’s shares leading the decline, the indices moved weekly quotations into negative territory.

Mexico’s stock exchanges registered significant losses this Thursday. Amid local risk aversion and with Grupo Carso’s shares at the forefront, the indices pushed weekly quotations into the red, marking a fifth consecutive decline.

The leading index of the Mexican Stock Exchange (BMV), the S&P/BMV IPC, which measures the most traded local stocks, fell by 1.32% to close at 52,275.65 points. The FTSE BIVA, from the Institutional Stock Exchange (Biva), dropped 1.47% to 1,066.14 points.

Within the benchmark index, most stocks closed with losses. Shares of Carlos Slim’s conglomerate, Grupo Carso, led the declines, falling 4.11% to 136.24 pesos, followed by Televisa, which fell 4.02% to 9.8 pesos.

The local stock market remains in a weak trend that became much more evident following Morena’s victory in the June 2nd elections. Additionally, Mexico’s stock exchanges are heading for a fifth consecutive week of losses.

Meanwhile, the Mexican Peso regained ground against the dollar this Thursday. The local currency advanced strongly in a session marked by inflation figures and unemployment claims in the United States, along with a strong reaction to local information.

The exchange rate ended the session at 18.4732 pesos per dollar. With an official close of 18.7597 pesos yesterday, according to data from the Bank of Mexico (Banxico), this movement signifies an improvement of 28.65 cents, equivalent to 1.53 percent.

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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.