The S&P/BMV IPC index fell by 1.37%, dropping from 52,918.04 points yesterday to 52,190.48 points at the close of trading on September 20.
By the end of Friday, both Mexican stock exchanges had declined more than 1% due to uncertainty surrounding the central bank’s upcoming monetary policy decisions for 2024.
The S&P/BMV IPC of the Mexican Stock Exchange (BMV) fell by 1.37%, dropping from 52,918.04 points on Thursday to 52,190.48 points on Friday. For the week, the main stock index trimmed its gains, finishing with a modest 0.33% increase since Friday, September 13.
Meanwhile, the FTSE BIVA index plunged to 1,061.50 points, a sharp drop of 3.20% from Thursday’s close of 1,096.59 points. Over the week, this index shifted from weekly gains to losses, closing the week down 1.78%.
It has been a challenging week for the stock market, with investors starting to adjust their outlook on local interest rates compared to the U.S. rates. The movements we’re seeing in the exchanges are driven by the repositioning of capital by funds in response to the Federal Reserve’s rate cuts.
Among the top performers this Friday were Peñoles (+5.39%), Arca Continental (+2.27%), Alfa (+2.11%), Pinfra (+1.39%), and Cemex (+1.22%).
On the other hand, the biggest decliners were Televisa (-5.23%), Bimbo (-4.38%), América Móvil (-3.84%), GMéxico (-3.35%), and Inbursa (-3.34%).