Mexico’s stock market opens September down 1.4%, extending losing streak

Mexico's stock market opened September in the red, extending its decline to five sessions and posting its sharpest drop since July 23.

The IPC index fell 1.4% to 64,514.25 points after the market closed August down 2.32% on Monday. Gabriela Siller, director of financial and economic analysis at Grupo Financiero Base, said losses across major global indexes were associated with rising interest rates in secondary markets. The Dow Jones, Nasdaq Composite and S&P 500 also declined.

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The capital market closed the session with losses among the main global stock indexes, which is associated with increases in interest rates in the secondary market.

Several major Mexican companies suffered steep losses. Grupo México fell 4.47%, Televisa dropped 4.38%, Cemex declined 2.67%, Grupo Aeroportuario del Sureste lost 2.36% and Sigma fell 2.09%. Enrique Covarrubias of Actinver said the index still held a 0.32% gain for the year despite Tuesday's decline.

The peso showed no percentage change against the dollar, remaining at 17 pesos per dollar at the Banco de México close. Trading volume reached 205.5 million shares, worth 16.207 billion pesos, or about $953.3 million. Of 706 listed companies, 176 rose, 509 fell and 21 were unchanged. Axtel gained 6.47%, Frisco rose 5.5% and Vista Oil & Gas advanced 3.16%. Fresnillo recorded the largest decline at 6.5%, followed by Grupo México at 4.34% and Grupo Televisa at 3.74%.

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The IPC closed the session with a 1.4% decline to record five consecutive retreats and its biggest decrease since July 23.