Tuesday , July 5 2022

Bolsa Mexican de Valores reports a fall of 5.8%, most relevant since 2016


The Mexican Stock Exchange (BMV) recorded the widest decline since November 2016, after the bank's shares fell, after announcing that the initiative in the country's Congress could reduce or eliminate some fees charged by the Bank. banking sector to customers.

By the end of this Thursday, according to preliminary data, the local stock market fell 5.81% or two thousand 727.15 points, leading to the reference S & P / BMV / IPC being located at 44 thousand 190.25 units .

93 stations were stationed, 18 were captured, and eight remained unchanged, while among the stations with the highest drop were GFNORTE and HOMEKS with a drop of 11.90 and 11.55 percent, respectively.

The National Banking and Securities Commission (CNBV) rejected a position on the issue, since it is not appropriate to comment on the policies of the next government, while a statement from the Association of Mexican Banks (ABM) is expected.

In the meantime, the peso lost against a stronger dollar after the Federal Reserve's decision on monetary policy not to maintain interest rates, saying the US economy is on the right track.

* The S & P / BMV IPC Index S & P / SIP Index fell 5.51% to 44,190.25 points, with a volume of 275.0 million shares.

Senator Morena's initiative, the elected president of Andres Manuel Lopez Obrador, proposes banning the collection of fees for interbank transfers and the availability of cash, among other services, according to the session of the Senate.

* Analysts say the initiative is not a good sign after the cancellation of a new airport project in Mexico City by a future government that will come into force on December 1st.

* "Although this is not a bad measure for the population, it is definitely a radical change that intimidates investors," said Gerardo Copca, an analyst at consulting company MetAnalisis.

* He pointed to a decline of 11.9 percent to 106.94 pesos of the title Grupo Financiero Banorte, which operates in the country's second-largest bank.

* Peso traded at $ 20,156 per dollar at 15.25 local time (2025 GMT) with a 1.47 percent drop or 29.20 cents, compared to 19.8640 points from Reuters's Wednesday reference price.

* On the local debt market, the yield on the 10-year bond rose by 15 basis points to 8.85 percent, while the two-year rate gave 12 to 9.05 percent.

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