Bolsa Mexicana de Valores is down 5.8%, the most relevant since 2016

The Mexican Securities Exchange (BMV) has recorded the largest decline since November 2016, after the collapse of bank shares, after announcing that a congressional initiative of the country could reduce or remove some commissions invoiced by the Bank. banking sector to users.

At the end of the day on Thursday, according to preliminary figures, the local stock market recorded a decrease of 5.81% or two thousand 727.15 points, which led the S & P / BMV / IPC referent to place at 44 000 190.25. units.

During the session, 93 stations fell, 18 wons and eight remained unchanged, while GFNORTE and HOMEX recorded the largest decline, with a fall of 11.90 and 11.55%, in that order.

The National Banking and Securities Commission (CNBV) ruled out giving its views on the issue, saying it was not appropriate for them to comment on the policies of the next government, while 39, a statement is expected from the Association of Mexican Banks (ABM).

At the same time, the peso lost to a strong dollar after the US Federal Reserve (Fed) decision to keep interest rates unchanged, pointing out that the US economy is on track.

* The S & P / BMV IPC benchmark dropped 5.81% to 44,190.25 points, with 275.0 million shares traded.

* The initiative of Senators of Morena, the party of the elected President of Mexico, Andrés Manuel López Obrador, proposes to prohibit the recovery of commissions on interbank transfers and disposition of cash, among other services , according to the Senate Gazette.

* Analysts said that the initiative was not a good sign after the cancellation of the new Mexico City airport project by the future government taking office on December 1.

"Although this is not a bad measure for the population, it is clearly radical changes that frighten investors," said Gerardo Copca, an analyst at MetAnálisis consulting firm.

* He highlighted the fall of 11.9% to 106.94 pesos of the shares of Grupo Financiero Banorte, which operates the second largest bank in the country.

* The peso was trading at 20.156 for a dollar at 3:25 pm local time (20:25 GMT) with a 1.47% decline, or 29.20 cents, against 19.8640 points from Reuters' benchmark price on Wednesday.

* In the local debt market, the yield on the 10-year bond rose 15 basis points to 8.85%, while the 20-year yield added 12 to 9.05%. .