Mexican stock market drops sharply on Friday but ends the week in positive territory
The local market retained part of the gains accumulated throughout the week, supported by the prevailing positive sentiment among investors.
Mexico’s stock exchanges saw significant losses during Friday’s trading. The local indices reversed their slight early-session gains due to profit-taking but managed to maintain positive weekly balances.
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The Mexican Stock Exchange index, the S&P/BMV IPC, which tracks the most actively traded local stocks, fell 1.52% to 52,778.17 points. The FTSE BIVA, from the Institutional Stock Exchange (Biva), dropped 1.35% to 1,078.11 units.
Within the benchmark index, most stocks ended in the red. Industrias Peñoles stood out; it had climbed earlier in the week following the announcement of economic stimulus measures in China, which boosted metals, but fell 7.04% on Friday to 271.77 pesos.
China announced its largest economic stimulus since the pandemic, and that news, combined with positive economic data from the United States, fueled the stock market rally. The S&P/BMV IPC index gained 1.13%, marking its third consecutive week of gains.
This occurred in a context where the major Wall Street indices ended Friday’s trading mixed. The main averages showed varied performances, but the U.S. market managed to maintain a positive weekly balance, with its leading index reaching a new record.
The leading Dow Jones index, comprising 30 blue-chip stocks, rose 0.33% to 42,313.00 points, a new closing record. The S&P 500, which includes 500 stocks, slipped 0.13% to 5,738.17 points, while the Nasdaq Composite fell 0.39% to 18,119.59.
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