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BMV closed with a sharp drop of 1.23%; Walmart’s fall highlights

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Mexico City / 18.02.2021 17:20:12

The Mexican Stock Exchange (BMV) closed the session with a drop of 1.23 percent due to concerns about the economic impact of the gas shortage in the north of the country.

In its reference index S & P / BMV IPC, made up of the shares of the 35 most liquid firms in the market, was 44,507.95 points.

The session highlighted a decline in the shares of the retail giant Walmart de México, despite a quarterly report classified by analysts as positive in which it recorded an increase in its profits of 12 percent.

The unusual low temperaturas in the southern United States, primarily Texas, caused cuts to the gas supply to Mexico, affecting millions of people and the gigantic export manufacturing industry on both sides of the border.

« We assume that the climate issue will have a temporary negative impact on the Mexican currency, depending on the duration of the icy storm, which may be for the rest of the week, » said Jorge Gordillo, director of analysis at CI Banco.

The interruption in the shipment of gas from the United States affected the production of at least five automotive assembly companies in northern Mexico, causing an impact on a key sector for generating foreign exchange in the Latin American country.

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