Third Quarter 2023: Mexican Stock Exchanges Down

At the close of the month, the Mexican Stock Exchanges experienced a drop, marking a quarter with losses.

Mexican stock exchanges closed with significant losses amid the negotiations on September 29th.

Local stock indices retreated sharply, dragged down by the aviation sector, ending their second consecutive month of decline and their worst quarter in a year.

The metric for the Mexican Stock Exchanges showed a decline of 4.95% between July and the end of September, from a level of 53,526.10 points.

However, the stock benchmark still accumulates a modest gain of 5.97% for the year.

Mexican Stock Exchanges Down: 2023

The benchmark S&P/BMV IPC index of the Mexican Stock Exchange, composed of the 35 most traded local stocks, fell by 1.32% and closed at 50,874.98 points.

Its closing corresponds to its lowest level since January and a monthly decline of 4%.

The drop in the main index was similar for the quarter, as it retreated by 4.95% between July and the end of September from a level of 53,526.10 points.

Nonetheless, the stock benchmark still accumulates a modest gain of 5.97% for the year.

Shares of airport groups led the losses, with OMA declining by 9.04% to 189.14 pesos, its lowest point since August, followed by GAP and Asur, as well as the airline Volaris, all experiencing losses of over 5%.

For Volaris, this marks its lowest closing level since July 2020, at 11.85 pesos, affected by uncertainty surrounding an “accelerated inspection” of engines that, according to analysts, is spreading concerns to the rest of the sector.

Shares of airport groups led the losses with OMA, which declined by 9.04% to 189.14 pesos, its lowest point since August, followed by GAP and Asur, as well as the airline Volaris, all experiencing losses of more than 5%.