Mexican Stock Exchange falls 2.24% due to fear of a new variant of Covid-19

The Mexican stock exchange (BMV) closed this Friday with a strong loss and extended its streak of consecutive falls to three. The stock market fell in line with its US peers, hit by a wave of aversion to risk assets in the face of fear of a new variant of Covid-19.

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 the day with a loss of -2.24%, with a level of 49,492.52 units. The fear took it in the session to 48,598.09 units, a low level since July 19.


Within the benchmark, most components ended the session in negative territory, with 27 stocks in red and only eight in green. The worst performances of this day were Banorte, with -6.53%; Alsea, which operates restaurants, with -5.63% and GAP, which yielded -5.48 percent.

The detection of a new variant of coronavirus that could be resistant to available vaccines pushed assets at risk, due to fear of new business closures. “For now, the fear of the unknown will weigh heavily,” OANDA market analyst Craig Erlam warned in a report.

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