Mexican Stock Market Rallies As Peso Holds Steady
Date
11/21/2024 3:22:58 PM
(MENAFN- The Rio Times) The Mexican stock market showed signs of recovery on Thursday morning, breaking an eight-day losing streak. Investors kept a watchful eye on Political developments in the United States as they navigated the market landscape.
The S&P/BMV IPC, Mexico's main stock index, rose 0.11% to 50,225.21 points. This index tracks the performance of the most traded local stocks.
Similarly, the FTSE BIVA index of the Institutional stock exchange increased by 0.13% to 1,026.97 points. Most Stocks within the benchmark index traded higher.
Grupo Carso, owned by Carlos Slim, led the gains with a 1.57% increase to 117.40 pesos. Gruma followed with a 1.08% rise to 342.89 pesos, while PINFRA grew by 0.88% to 182.61 pesos.
The market's upward movement came after a challenging period. The S&P/BMV IPC had fallen for eight consecutive sessions, accumulating a 4.14% loss.
Investors remained cautious as they awaited information about the policies of U.S. President-elect Donald Trump. Meanwhile, the Mexican peso weakened against the U.S. dollar for the second day in a row.
Peso Depreciates Amid Global Market Fluctuations
The exchange rate reached 20.3513 pesos per dollar, representing a depreciation of 2.90 cents or 0.14% from the previous day's official rate of 20.3223.
The dollar's value fluctuated between a high of 20.4070 and a low of 20.2619 pesos. The Dollar Index, which measures the greenback against a basket of six currencies, dropped 0.04% to 106.64 points.
Global markets remained focused on potential policies of the incoming U.S. administration and their possible impacts. Adding to the peso's weakness was news of a Russian ballistic missile attack on Ukraine.
Economic data from the United States also influenced market sentiment. Weekly jobless claims unexpectedly fell, while a report on manufacturing activity came in below expectations.
In Mexico, retail sales data showed growth for the third consecutive month in September. Grupo Financiero Banorte noted a 0.1% increase compared to the previous month, according to figures released by INEGI.
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