Mexican Stock Exchange falls sharply after six days of gains

The Mexican Stock Exchange (BMV) ended Wednesday’s trading with a sharp loss. The local stock market fell in line with its U.S. peers after a six-session winning streak.

The benchmark S&P/BMV IPC index, which groups the 35 most traded stocks in the country, fell -2.08% to 50,394.03 points. The FTSE BIVA index, of the Bolsa Institucional de Valores (Biva), lost -2.08% to 1,040.86 points.

S&P/BMV IPC

Stock markets suffered a global wave of risk aversion after the quarterly results of retail companies in the United States were impacted by the Covid-19 closures in Chinese cities.

Within the benchmark index, most of its components ended the day with declines, with 30 in the red and five in the green. The losses were led by Aeroméxico, with -9.84%, GAP, with -6.07%, and Banorte, which fell -5.13%.

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In the six previous days, the S&P/BMV IPC index accumulated an advance of 4.91 percent. This occurred after falling to its worst level in almost a year, hit by fears about the growth of the global economy.

jose.rivera@eleconomista.mx