Mexican Stock Market Resumes Upward Trend; GCC Stands Out
The local market posted moderate gains after ending a six-day winning streak on Friday, as investors await key inflation data.
Mexico’s stock exchanges closed the first session of the week with gains, resuming their positive trend after Friday’s brief pause. The market advanced in anticipation of key local inflation figures.
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The main index of the Mexican Stock Exchange (BMV), the S&P/BMV IPC, which tracks the most traded local stocks, rose 0.44% to 52,422.24 points. Meanwhile, the FTSE BIVA, from the Institutional Stock Exchange (Biva), gained 0.41%, closing at 1,065.81 points.
Within the benchmark index, most stocks closed with gains. GCC led with a 2.66% rise to 152.05 pesos, followed by media giant Grupo Televisa, which climbed 2.40% to 8.54 pesos, and Megacable, up 2.03% to 40.22 pesos.
Local investors are preparing for tomorrow’s release of inflation data for the first half of September in Mexico, ahead of the Bank of Mexico’s (Banxico) interest rate decision on Thursday, where a 25 basis point cut is expected.
U.S. oil producers scrambled on Monday to evacuate personnel from Gulf of Mexico platforms as meteorologists forecast the second major hurricane in two weeks could hit the region’s offshore oil fields.
The U.S. National Hurricane Center (NHC) reported that Potential Tropical Cyclone Nine, located near the western tip of Cuba, is expected to strengthen into a hurricane by Wednesday and intensify over the next 72 hours as it moves across the eastern Gulf of Mexico.
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