The Mexican Stock Exchange gains 0.08% driven by the raw materials sector

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The Mexican Stock Exchange gains 0.08% driven by the raw materials sector

Mexico City, Jun 23 (EFE) .- The Mexican Stock Exchange recorded a moderate gain of 0.08% in its main indicator this Wednesday, reaching 50,170.78 points, thanks to the boost from the raw materials sector.

Within the Price and Quotation Index (IPC), the main stock market indicator, “gains were recorded in 17 of the 34 main issuers, standing out those of the raw materials sector (+0.96% on average)”, explained to Efe the analyst Luis Alvarado, from Banco Base.

He recalled that this sector has a weighting of 21.37% in the index, which represented 94.27 points, with which it mitigated the losses of the other sectors.

Alvarado highlighted the performance of the mining companies Peñoles (+0.26%) and Grupo México (+0.84%) and of the companies Cemex (+1.25%), Orbia (+0.76%) and Cementos Chihuahua ( +0.74%).

He explained that “the relatively better performance” of the Prices and Quotations Index against the United States indices “is due to the fact that, in recent sessions, there had been downward corrective movements, after the index on June 7 it reached a new high in the year of 51,705.23 points “.

He noted that from a technical point of view, the IPC “stopped this downward adjustment at the psychological level of 50,000 points, which had been a strong resistance on several occasions during May.”

“This is a sign that the upward force continues,” since previous resistance tends to become support when an asset has an upward trend, “he said.

With the advance of this Wednesday, the Mexican index was 12.30% above the close of the previous year.

On the day, the Mexican peso appreciated 0.99% against the dollar, trading at 20.2 units per greenback on the interbank market.

Article source: https://es-us.finanzas.yahoo.com/

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