The Mexican stock market edged marginally higher

The local stock indices in Mexico posted marginal gains at the close of trading on Tuesday, recovering slightly from significant losses in the previous session. Investors were awaiting the first local reports for the second quarter.

The main index of the Mexican Stock Exchange (BMV), the S&P/BMV IPC, which tracks the most traded local stocks, rose by 0.10% to 54,368 points. Meanwhile, the FTSE BIVA of the Institutional Stock Exchange (Biva) moved up by 0.04%, closing at 1,113.57 units.

Within the benchmark index, performance was mixed. Retailer Chedraui led gains, rising by 3.79% to 143.5 pesos, while Grupo México led declines with a drop of 2.66% to 106.36 pesos.

Investors were particularly focused on the quarterly report from telecommunications giant América Móvil, owned by Carlos Slim. Initial readings of its results highlighted revenues of 205.520 billion pesos and a quarterly net loss of 1.090 billion pesos.

In its mid-year update, experts from the IMF expect the economy to achieve a growth rate of 1.6% in 2025, indicating a new slowdown.

The International Monetary Fund (IMF) has once again lowered its growth forecast for Mexico’s economy this year to 2.2%. This revision contrasts with the 2.4% forecasted in April and marks the second adjustment the IMF has made to its GDP growth projection for 2024. In January, in its initial update of the year, the organization’s experts estimated that the economy could achieve growth of 2.7%, reflecting expectations of stronger domestic demand fueled by increased consumption and growth among its trading partners.