(Expansion) – The Mexican Stock Exchange (BMV) fell to its worst level on Monday in almost five years affected by the actions of Banorte and Liverpool, as well as an environment of uncertainty about the policies of the government of the elected president, Andrés Manuel López Obrador, who will assume this Saturday.
The Price and Quotation Index (S & P / BMV IPC), which groups the 35 most liquid stations in the market, collapsed 4.17% to 39,427 units. This is its worst level since March 19, 2014, when it closed at 38,811 units.
The place was affected by the actions of Grupo Financiero Banorte and Liverpool, which collapsed 12.95% and 10.24%, respectively. In the case of Grupo Financiero Banorte, this is its lowest share price since January 21, 2016. In the last month, the bank's share has lost 35.19%.
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The titles of the banks collapsed from the first days of November after Morena, the political party of López Obrador, presented in Congress a reform project to limit the collection of bank commissions.
"A lot of people don't like the way things will be done in the next government," Gerardo Copca, an analyst at the Meta-analysis consultancy, told Reuters. "The market does not like to make such hasty decisions before being in government," he added.
One of the largest producers of plastic tubes in the world fell 8.4% in the session, which made it the fourth most lost company in the main index.
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The action of the petrochemical company also closed with its worst price in two years and its biggest drop for a day in nine years. The volume operated today was twice that usually exchanged, according to the 100-day moving average.
Mexichem announced last week that its German subsidiary Vestolit declared "force majeure" as a result of the difficulties faced by its ethylene suppliers, who issued a similar alert in October.
Today the company announced that the exchange rate that it will use for the fourth dividend exhibition that it will pay on November 28 will be 20.39 pesos, so the payment per share will be 0.36 pesos.
The FTSE BIVA index closed with a decrease of 4.06% to 804.
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Rising Wall Street
The main indexes on the New York Stock Exchange rose because the opportunity seekers returned strongly to the market after the brutal wave of sales last week, and due to expectations of a good season of online Christmas sales that targeted the retail sector.
The Dow Jones rose 1.46% to 24,640 units, the S&P 500 advanced 1.55% to 2,673 integers and the Nasdaq climbed 2.06% to 7,081 points.
Oil prices rose almost 3%, recovering part of what was lost in the previous session, although progress was limited by uncertainty about global economic growth and new signs of an increase in supply, including record production in Saudi Arabia.
West Texas Intermediate (WTI) futures for January delivery closed at $ 51.59 per barrel (dpb) which meant an increase of 2.32% while the price of Brent British crude rose 2.89% to 60.50 dpb, according to Bloomberg figures.
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In addition, Saudi Arabia raised its crude oil production to an all-time high in November, according to an industry source, after the US government increased pressure for the kingdom to refrain from making pumping cuts at the meeting. that OPEC will have next week.
A source said that Saudi oil production reached 11.1 million barrels per day (bpd) at 11.3 million bpd in November, although the precise average volume for November will not be clear until the month ends.
These levels represent an increase close to 0.5 million bpd – equivalent to 0.5% of global demand – since October and more than 1 million bpd over the volume of the beginning of 2018, when Riyadh was reducing its production along with its partners in OPEC.
Saudi Arabia agreed in June to a sharp upward adjustment in its oil production, at the request of consumers including the United States and India, to cool prices and deal with a shortage of supply after the Trump administration imposed sanctions on Iran .
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But the measure proved counterproductive to Riyadh after Washington imposed less severe sanctions than expected on Tehran. That generated fear of a surplus and on Friday prices collapsed under $ 60 a barrel from the maximum of $ 85 they touched in October.
Saudi oil industry sources have said they want prices to remain above 70 dollars. This month the Saudi Energy Minister said the global supply of crude could exceed demand by more than 1 million bpd in 2019, which would require an OPEC intervention.
OPEC will consider an agreement to lower production when it meets next week, but Trump again urged Saudi Arabia not to make cuts to its pumping.
With information from Infosel.