Mex­i­can stocks headed for 2nd day of losses

Imperial Valley Press - - SPORTS -

MEX­ICO CITY (AP) — Mex­i­can stocks ex­pe­ri­enced a sec­ond day of losses Fri­day af­ter the party of Pres­i­dent-elect An­dres Manuel Lopez Obrador floated a pro­posal to pro­hibit some com­mis­sions charged by pri­vate banks.

Mex­ico’s bench­mark IPC in­dex fin­ished the day down slightly at .03 per­cent Fri­day, af­ter drop­ping 5.8 per­cent in the pre­vi­ous ses­sion.

The Mex­i­can peso has dropped about 2.3 per­cent against the U.S. dol­lar since Wed­nes­day’s close.

Mex­ico’s Banco Base at­trib­uted the set­backs in fi­nan­cial mar­kets to the Se­nate pro­posal, which would pro­hibit charg­ing min­i­mum-bal­ance, elec­tronic trans­fer and other fees.

Sen­a­tors from Lopez Obrador’s Morena party said the mea­sure was nec­es­sary be­cause Mex­i­can banks get one-third of their in­come from fees, a higher amount than in other Latin Amer­i­can mar­kets.

But in an ap­par­ent dam­age-con­trol ef­fort, Lopez Obrador’s fi­nan­cial gov­er­nance team said Thurs­day that the bill would be sub­ject to fur­ther study so its im­pact could be de­ter­mined.

Lopez Obrador takes of­fice on Dec. 1 af­ter win­ning a crush­ing vic­tory in pres­i­den­tial elec­tions by pledg­ing to put the poor first and re­spect pri­vate busi­ness.

In a news con­fer­ence Fri­day, Lopez Obrador said the ex­ec­u­tive branch wasn’t plan­ning any changes to bank­ing rules, but the leg­is­la­ture had the right to de­cide for it­self.

AP Photo/ChRIS­tIAN PAlmA

In this Sept. 29 file photo, Mex­ico’s Pres­i­dent-elect An­dres Manuel Lopez Obrador speaks at a rally com­mem­o­rat­ing the 50th an­niver­sary of a bloody reprisal against stu­dents, at the Tlatelolco Plaza in Mex­ico City.

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