The Mexican Stock Exchange (BMV) operated at a low of 1.78 percent in line with Wall Street, derived from comments made by Iran and Saudi Arabia’s ministers on oil prices.
The Index of Prices and Quotations of the BMV is at 42,446.81 units, a decrease of 770.22 points from its previous level, pressured by the drop in stocks and its high weighting in the stock indicator.
On Wall Street, the Nasdaq fell 1.52 percent, the S&P’s 500 lost 1.39 percent, and the Dow Jones industrial average fell 1.33 percent.
“The drop in oil prices after comments from ministers of Iran and Saudi Arabia will be a constant factor throughout the day,” noted analysts at Banco Ve por Más (BX+).
Oil prices show loss once again because the market assumes that the imbalance between supply and demand for oil will remain constant for the rest of 2016.
Thus, the WTI recorded a decline of 3.33 percent and a loss of 2.07 percent for Brent, trading at 30.81 and 32.58 dollars per barrel, respectively.
In addition, in the absence of economic data, the focus will be on the comments to be made by the Federal Reserve Bank of Dallas and St. Louis.
In the equity market, 13.8 million shares are operated with a financial cost of 281 million pesos, 18 winning stations, 15 losing and eight remain unchanged.
Cemex recorded a loss of 3.3 percent, América Móvil a loss of 2.16 percent, followed by WalMex with 1.93 percent and Grupo México with a fall of 1.92 percent.
In the foreign exchange market, the peso started the session with a depreciation of 0.46 percent or 8.3 cents, to contribute at around 18.29 pesos per dollar.
This is due to a return of pessimism in the global financial markets for a second day, according to Banco Base.