Weekly Mexico Market Monitor

Friday AM, May 19, 2023

MARKETS  

The FTSE-BIVA index closed on May 18 at 1,143.10 up from its May 11 close at 1,139.05. The 13.84% year-to-date increase in the FTSE-BIVA compares favorably to S&P500’s 9.34% increase.     

The MXN/USD exchange rate closed at 17.71 pesos to the dollar on May 18, from its close of 17.59 pesos on May 11.  

The Mexican 10-year bond (2031) closed on Thursday with a yield of 8.78% up slightly from 8.75% on May 11. 

The FTSE-BIVA Top Stock Gainers for the week were: Volaris (+9.70%), Industrias CH (+4.96%) and Grupo México (+4.58%) and the Biggest Losers were: Axtel (-3.65%), Sites (-3.57%) and Alsea (-3.41%).   

CORPORATE & MARKET NEWS  

KIA, a subsidiary of the South Korean firm Hyundai Motors, announced that it plans to expand an existing plant in Nuevo Leon with an investment of US $3 billion to produce 400,000 vehicles per year and manufacture electric vehicles at the plant.