Mexican stock market falls sharply, focused on Middle East
Local stock indices extended their losing streak to four sessions. Shares of Volaris and Grupo México led the declines.
Mexican stock exchanges closed Thursday’s trading session with losses, marking four consecutive declines. Local indices dropped, in line with their global counterparts, as the market monitored tensions in the Middle East.
The main index of the Mexican Stock Exchange (BMV), the S&P/BMV IPC, which tracks the most traded local stocks, fell 1.01% to 51,674.54 points. The FTSE BIVA, from the Institutional Stock Exchange (Biva), dropped 0.98% to 1,061.43 points.
Within the benchmark index, most stocks ended in negative territory. Shares of airline Volaris led the decline, falling 5% to 11.77 pesos, followed by mining company Grupo México, which dropped 4.08% to 107.19 pesos.
After four consecutive sessions of losses, the domestic benchmark index has dropped 3.58%, compared to its level of 53,590.52 points last Thursday. Investors are closely watching for Israel’s potential response to Iran’s recent missile attack.
Inflation in Mexico is moving against the trend of moderation seen in the average of the Organization for Economic Cooperation and Development (OECD) countries.
Data from the organization shows that while the 38 OECD member countries recorded a third consecutive monthly decline in inflation in August, Mexico’s inflation trend remains volatile.
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