The Mexican Stock Exchange added a 7%weekly gain, its best performance since June 2020, with the eyes of investors also put in the season of corporate results of the first quarter.
Only this Friday, the referential shareholding index S&P/BMV IPC rose 0.60% to 56,720.12 points, which once again had its highest closing level since May last year and hilvanó eight consecutive days of profits.
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The titles of the Pharmaceutical Genomma Lab headed Friday’s increases, with 7.04% more to 24.78 pesos, followed by those of the megacable telecommunications firm, which added 6.86% to 48.42 pesos.
The BMV and the weight advanced this Friday culminating with accumulated profits a week of strong ups and downs, due to hope of a relaxation of commercial tensions between China and the United States that have put global financial markets in check.
The Asian giant granted tariff exemptions to US imports, increasing the expectation that the commercial conflict between the two greatest economies in the world could be relaxing.
The currency quoted in 19,5120 per dollar near the end of the businesses, with an appreciation of 0.35% compared to the LSE reference price on Thursday. In the week he added a 1%return.
“From a technical approach, the peso is stabilizing between 19.45 and 19.70 pesos per dollar, waiting for more relevant information that can influence the long -term trend of the exchange rate,” said Banco Base in an analysis note.
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“The short -term trend for the exchange rate is down, as it is located below the 200 -day mobile average of 19.97 pesos per dollar and has opened the door so that it is directed towards the 19 peso support per dollar,” he added.
At the local level, the market found impulse in a better report than expected of the February economic activity that led some specialists to improve their forecasts for the performance of GDP during the first quarter.
It is feared that Mexico’s economy could have fallen into a technical recession due to the impact of the commercial war. GDP data until March will be released next week.
“The indications of a continuous deceleration could reinforce the moderate position of Banco de México and exert greater pressure on the weight, while a positive reading could offer temporary support, said Quásar Elizundia, Pepperstone market research strategist.
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In the secondary debt market, 10 -year bonus yield dropped nine base points to 9.29%, just like the 20 -year rate that ended the day at 9.93%.
With Reuters information
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