Mexico Stock Exchange falls 0.12% due to technical movement due to profit taking

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Mexico City, Aug 5 (EFE) .- The Mexican Stock Exchange (BMV) recorded this Thursday a moderate loss of 0.12% in its main indicator to settle at 51,134.93 points, due to a technical movement per take of utilities.

“The loss of the local market is attributed to a technical movement generated by taking profits, since on Tuesday the index reached an intraday maximum of 51,695.23 points, to later show a downward trend change,” explained the Banco Base Luis Alvarado analyst.

“Resistance is likely building in the area near 51,500 points, close to the previous all-time high of July 25, 2017,” when it registered 51,713 points, he added.

The specialist explained that within the Price and Quotation Index (IPC), the main indicator of the BMV, “there were losses in 23 of the 34 main issuers”, led by Cuervo (-3.47%), Genomma Lab (- 1.71%), and the airport groups OMA (-2.75%) and GAP (-1.89%).

Despite the loss this Thursday, the Mexican index registers an accumulated yield so far this year of 16.04%.

On the day, the Mexican peso appreciated 0.25% against the dollar, trading at 19.92 units per greenback on the interbank market.

The IPC closed at 51,134.93 units with a loss of 60.5 points and a negative variation of 0.12% compared to the previous session.

The volume traded in the market reached 191.1 million titles for an amount of 13,019 million pesos (about 757.2 million dollars).

Of the 733 firms that were listed on the day, 404 ended up with their prices rising, 297 had losses and 32 more closed without change.

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