Mexico´s Stock Exchange Closes on Historic HighBy Elliot Bullman
Mexicos IPC Breaks Record while Wall Street falters after Trump´s failed healthcare bill.
The Mexican Stock Exchange reached a new historical high last Friday, surpassing 49,000 points.
This is the first historical record for Mexican stock exchange in 2017, which close on Friday at 49,083 points driven largely by the shares of ASUR. The previous historical level recorded was set last August at 48,694 units.
Grupo Aeroportuario del Sureste (ASUR) led the gains of the day, gaining 5.20% selling its shares at 332.93 pesos. Santander and Banorte banks' shares also posted gains of more than 3% in the market.
The New York Stock Exchange closed with mixed results as shares of major indexes trimmed losses after learning that Republicans withdrew President Donald Trump´s healthcare bill from Congress. This represents the first legislative setback for the new President and markets tumbled.
It’s easy to get caught up in the heat of the moment. As recently as January, we were hearing from all sides that Mexico was heading for huge troubles following Trump’s election. The peso plunged, Mexico’s president appeared impotent, less-than-peaceful protests broke out across Mexico and the mood fell into despondency.
Despite this the economy has been quietly humming along for years now and its stock market has gone with it. Mexico largely sidestepped the Latin American slowdown that’s been hitting the region since 2012. In fact, since Mexico’s markets hit new records last August they have stayed technically in a bull market, only dropping 10% following Trump’s victory.
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