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Mexican Stock Market wins on Expectations of US Stimulus, Famsa Shares rise again

The Mexican stock market was winning in its first trades Monday in line with its peers in New York, as investors were optimistic about the approval of an economic stimulus package in the United States that will help a rapid economic recovery.

The main stock index S & P / BMV IPC rose 0.42% to 44,332.09 points at 8.43 a.m. local time (1443 GMT), following the performance of its peers on Wall Street.

The United States Congress approved a budget plan on Friday that would allow a coronavirus relief bill to pass in the coming weeks without Republican support.

“Investors have taken positively the advances in the negotiation of fiscal stimuli,” said financial group See for more in a report.

Outside the benchmark index, the securities of the retailer Grupo Famsa, which has been in bankruptcy since last year, rose sharply for the fourth consecutive session, by 13.99% to 0.88 pesos.

The unusual escalation is attributed by analysts and traders to financial speculators, who have raised the price of the papers with a low volume of business. The retailer’s shares have advanced more than 108% in the past three sessions.

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