Key Facts
- Mexico’s IPC fell 0.21% to 64,727.54 points on Monday, a second straight decline.
- Televisa collapsed 12.70% to 7.77 pesos after index providers flagged its removal from the benchmark.
- Alpek takes Televisa’s place in the S&P/BMV IPC before the open on Monday, September 21.
- The peso weakened to about 16.92 per dollar, losing roughly 0.2% while trading between 16.88 and 16.94.
- Airport operators led the gainers, with OMA up 3.96% and GAP up 1.90%.
- The 2027 budget package reaches Congress on Tuesday, the next domestic test for Mexican assets.
Today’s Focus
Mexico’s S&P/BMV IPC fell 0.21% on Monday, closing at 64,727.54 points. The index lost 139.07 points in a session with Wall Street shut.
One stock did almost all the damage. Grupo Televisa fell 12.70% to 7.77 pesos, its worst day in years.
The cause was mechanical rather than operational. Index providers said on Friday that Televisa will leave the benchmark in the September review.
What matters today. The government delivers its 2027 economic package to Congress, the first hard read on next year’s spending and revenue assumptions.
01 The session in one read
Trading was thin. The New York Stock Exchange was closed for Labour Day, which removed the marginal buyer from Mexican equities.
The IPC still managed a clear direction. It fell 0.21% to 64,727.54, from 64,866.61 on Friday.
Breadth was negative but not alarming. Sixty-nine stocks fell, fifty-five rose and twelve were unchanged.
The wider FTSE-BIVA index told the same story, closing at 1,309.32 with a loss of 0.26%.
The index fell, but the market did not. A single name losing an eighth of its value on an index-removal announcement is a forced-selling event, not a verdict on Mexican earnings. Strip Televisa out and the tape was close to flat on a day with no American buyers. The variable to watch is Tuesday’s 2027 budget package, which is the first genuine test of domestic risk appetite this month.
02 The day’s numbers
| Measure | Level | Change | Read |
|---|---|---|---|
| S&P/BMV IPC | 64,727.54 | −0.21% | Down 139.07 points, a second straight fall |
| FTSE-BIVA | 1,309.32 | −0.26% | The second exchange told the same story |
| USD/MXN | 16.92 | +0.2% | Peso softer, still comfortably below 17 |
| Televisa (TLEVISACPO) | MXN 7.77 | −12.70% | Flagged for removal from the index |
| OMA (OMAB) | MXN 218.45 | +3.96% | Airport operator led the advancers |
| Chedraui (CHDRAUIB) | — | +2.92% | Retailer among the day’s best |
| Orbia (ORBIA) | — | −3.31% | Chemicals name was the second-worst performer |
The peso traded between 16.8838 and 16.9352 through the session. It closed near 16.92, about 0.2% weaker than Friday’s 16.89.
That is a soft move rather than a rout. The dollar index actually fell 0.26% on Monday, so the peso underperformed a weaker dollar. Rio Times · Live Market Intelligence
Live Market IntelligenceMexico — Live Market Board
Mexico — Live Market Board
Instrument Last Change YoY Prev. High Low Volume
IPC MEX
64,639.55
-0.35%
+12.17%
64,866.61
66,121
65,405
108,886,187
USD/MXN
17.06
-0.24%
-8.58%
17.10
17.08
17.01
—
WALMEX
48.07
-0.62%
-14.38%
48.37
48.65
48.02
10,781,446
GMEXICO
223.28
+0.35%
+73.59%
222.50
226.18
222.17
1,325,556
FEMSA
201.19
-0.24%
+25.67%
201.67
206.71
199.56
750,706
CEMEX
19.32
+0.89%
+19.10%
19.15
19.35
19.04
14,327,054
GFNORTE
193.98
+1.18%
+14.36%
191.71
195.79
191.83
1,579,115
BIMBO
60.98
-0.96%
+11.89%
61.57
61.46
60.29
1,048,115
TELEVISA
9.71
+0.21%
+12.78%
9.69
9.75
9.60
577,851
AMX
19.80
-0.95%
+12.53%
19.99
20.05
19.70
58,058,525
GAP
366.23
+0.43%
-21.21%
364.68
370.85
362.82
226,946
ASUR
275.04
+1.25%
-15.28%
271.64
275.08
271.31
15,451
OMA
233.50
+0.62%
-6.48%
232.06
235.00
230.62
555,693
KOF
188.04
+0.86%
+18.94%
186.44
188.56
185.52
425,273
GRUMA
252.90
+0.11%
-21.85%
252.61
254.74
250.36
90,048
KIMBER
39.74
+0.43%
+8.85%
39.57
40.09
39.33
490,551
AMX ADR
23.38
-0.23%
+22.25%
23.43
23.49
23.06
1,347,445
03 Why it moved — an index decision, not an earnings shock
S&P Dow Jones Indices published its preliminary rebalance list on Friday. Televisa is dropped from the S&P/BMV IPC and replaced by the petrochemical group Alpek.
The change takes effect before the open on Monday, September 21. Funds that track the index must sell Televisa and buy Alpek before then.
That forced flow explains the size of the fall. Analysts described the removal as a genuine surprise rather than a widely expected outcome.
Weak fundamentals amplified it. Televisa reported a second-quarter net loss of about US$28.5 million, with revenue down 3% from a year earlier.
Alpek rose on the other side of the trade, adding between 1.15% and 1.54% depending on the series. The gain was modest next to Televisa’s loss.
04 The day’s movers
| Stock | Change | Note |
|---|---|---|
| OMA (OMAB) | +3.96% | Airport group, closed at 218.45 pesos |
| Chedraui (CHDRAUIB) | +2.92% | Supermarket operator |
| GAP (GAPB) | +1.90% | Second airport operator in the top gainers |
| Alpek (ALPEKA) | +1.15% | Joins the index on September 21 |
| Televisa (TLEVISACPO) | −12.70% | Leaves the index in the same review |
| Grupo Carso (GCARSOA1) | −2.65% | Industrial conglomerate |
| Gruma (GRUMAB) | −2.15% | Food producer |
Airport operators were the clearest theme on the winning side. Both OMA and GAP benefit from passenger traffic rather than from export demand.
The losers were domestic industrial and consumer names. That mix fits a session driven by index mechanics and thin liquidity.
05 The regional scoreboard
| Index | Country | Change |
|---|---|---|
| COLCAP | Colombia | +0.82% |
| IPSA | Chile | −0.01% |
| S&P/BMV IPC | Mexico | −0.21% |
| Merval | Argentina | −0.50% |
| Ibovespa | Brazil | closed |
Colombia was the region’s standout, closing at a record. Brazil did not trade at all because of Independence Day.
Mexico sat in the middle of a narrow regional range. Nothing in the session pointed to a country-specific problem.
06 The macro backdrop
Banxico left its policy rate at 6.50% on August 6, after quarter-point cuts in March and May. It has paused since June.
The next decision is on Thursday, September 24. Nothing on Monday changed the expected path.
Inflation is close to target. Headline prices rose 3.12% in the year to July, the slowest since May 2020, with the core rate at 3.95%.
The first half of August showed a small pick-up, to 3.26%. The full August reading is published on Wednesday, September 9.
07 What to watch
- The 2027 budget package: The government delivers it to Congress on Tuesday. Revenue assumptions and the deficit target set the tone for peso risk.
- August inflation: The full reading arrives on Wednesday. A print above 3.3% would complicate Banxico’s September decision.
- The Televisa and Alpek switch: It takes effect before the open on September 21. Expect further mechanical flow in both names.
- USD/MXN at 17.00: The peso has held below that level all year. A break would signal the carry trade is unwinding.
- The Federal Reserve: Markets price roughly a 60% chance of a hike on September 16. Mexico’s rate advantage narrows if it lands.
Frequently Asked Questions
Why did Televisa fall 12.70%?
Index providers said on Friday that Televisa leaves the S&P/BMV IPC in the September review, replaced by Alpek. Funds tracking the index must sell before September 21.
What is the S&P/BMV IPC?
It is Mexico’s main stock index, tracking the largest companies listed on the Bolsa Mexicana de Valores. It closed at 64,727.54 on Monday.
Why was trading thin on Monday?
The New York Stock Exchange was closed for Labour Day, which removes a large share of the foreign flow that normally trades Mexican equities.
Where is Banxico’s policy rate?
It stands at 6.50%, held since June after cuts in March and May. The next decision is on September 24.
IPC — Market data: RT; exchange figures from BMV
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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