BMV and Biva close sixth consecutive day with losses

The Mexican stock exchange (BMV) ended this Monday with losses and fell for the sixth consecutive day. The local stock market fell in a session in which the US president, Joe Biden, nominated Jerome Powell for a second term at the head of the Federal Reserve (Fed).

The benchmark index S&P/BMV IPC, made up of the shares of the 35 issuers with the highest value by capitalization and liquidity in Mexico, ended with a loss of -0.62% to 50,497.08 units. The index FTSE BIVA, from Institutional Stock Exchange (Biva), fell -0.75% to 1,040.34 units.

In six consecutive days with losses, from a level of 51,707.01 units on November 11, the main index of the local stock market has lost -2.34 percent.


Within the benchmark, most components ended the session in negative territory, with 18 in red and 17 in green. The worst components in the interior were the franchise operator Alsea, with -3.37%; followed by Banregio, with -3.28%, and Grupo Carso, which yielded -3.15 percent.

Some analysts mentioned that the markets reacted to Biden’s decision, as keeping Powell at the head of the central bank would maintain the possibility of seeing an increasingly rapid cut in support for the economy. In addition, it raises the stakes on upcoming increases in the price of money.

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