Mexican Stock Market Rises After Biden Withdraws from U.S. Presidential Race

Mexico’s stock exchanges closed with gains on Monday. Local indices rose after their worst week since the elections, as investors reacted to Joe Biden’s withdrawal from the Democratic candidacy.

The leading index of the Mexican Stock Exchange (BMV), the S&P/BMV IPC, which includes the most traded local stocks, increased by 0.61% to 54,006.92 points. The FTSE BIVA, from the Institutional Stock Exchange (Biva), moved up 0.57% to finish at 1,106.62 points.

Within the benchmark index, most stocks closed with gains. Coca-Cola Femsa shares stood out, rising 3.36% to 165.6 pesos, followed by Cemex at 3.03% to 11.55 pesos, and Pinfra at 2.98% to 174.69.

Investors are also keeping an eye on the local second-quarter earnings season.

In other news, Claudia Sheinbaum Pardo, the virtual President-elect of Mexico, reaffirmed her administration’s commitment to defending Mexico’s sovereignty and emphasized the importance of maintaining good trade relations with the United States, regardless of the election outcome.

“We’ve said it many times; it’s up to the people of the United States to decide who they elect as president. They will make that decision, and we will work with whoever they choose. Whether it’s former President Trump for the Republican Party or whoever leads the Democratic Party, we are prepared,” she stated.