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UPDATE 1-Mexico stocks nosedive to 1-year low on stimulus fears
June 20, 2013 / 7:39 PM / 4 years ago

UPDATE 1-Mexico stocks nosedive to 1-year low on stimulus fears

MEXICO CITY, June 20 (Reuters) - Mexico’s IPC stock index fell more than 4 percent on Thursday, on track for its biggest one-day fall since September 2011, the day after the U.S. Federal Reserve Bank gave a blueprint for winding down its bond purchase program.

The index, which has been smacked on concerns the world’s central banks may look to wind down their massive asset-buying schemes, was down more than 4 percent at 37,484.96, its lowest level in more than a year, in midafternoon on Thursday.

“It has to do with the signal the Fed gave yesterday,” said Rodolfo Campuzano, head of analysis at Invex bank in Mexico City. He noted that the comments with the greatest market impact came during the news conference after the Fed’s announcement.

“Today the market decided it wanted to sell,” he added.

The IPC index, which added just under 20 percent in 2012, has lost more than 13 percent so far this year.

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