Real estate investment trusts (Fibras) closed November with a 4.98% drop, marking three months of consecutive setbacks and the lowest monthly performance of the year.
In the penultimate month of 2021, the S & P / BMV Fibras fiber index ended at 208.91 units compared to the end of October when it reached 219.87 points. This adjustment was even higher than that registered in the S & P / BMV IPC, the main stock index of the Mexican Stock Exchange, which fell 3.14% in the same period.
The fall in the Fibras sector index responds to the tension that arose in the market regarding issues such as the increase in inflation, the beginning of increases in the reference interest rates in the country, as well as the effects that the variant represents Omicron.
“During November, we validated a greater probability of an increase in interest rates and a high level of volatility due to the new variant of Covid-19 (which affected the performance of the fibers)”, commented Roberto Solano Pérez, coordinator of Stock Market Analysis at Monex.
“In recent days, a new Omicron variant has become more relevant, generating a significant period of volatility in financial markets. But so far there is no clear information, so it will be key to evaluate the vaccine coverage scenario to maintain the sector’s recovery scenario “, he specified in an analysis.
Fibra Danhos, which operates shopping centers; Fibra Terrafina, focused on industrial real estate, and Fibra Inn, from the hotel sector, ended the month with the steepest drops of 12.90, 10.85 and 4.42%, in that order.
So far this 2021, the index of real estate investment trusts registered a loss of 6.48%, with November being the month with the highest decrease of the year, following October with (-3.9%) and January with an adjustment of -3.1 percent.
Roberto Solano explained that the fibers of the industrial sector are still among the favorites due to the high demand for spaces that has been detonated, although he indicated that in shopping centers, affected by closures due to mobility restrictions, they already show a recovery trend.
“During November we observed a greater reactivation in various industries (favored by more mobility), but in economic terms, the challenges are higher inflation and a greater probability of an increase in interest rates,” the Monex specialist added.
Reference-www.eleconomista.com.mx