Mexico stocks plunge on ruling party bank commissions plan

11/08/2018 – Reuters

amloNov 8 (Reuters) – Mexico’s banking stocks plunged on Thursday, after a Mexican senator from the president-elect’s party released a bill proposal that would prohibit or curb banks from charging commissions for certain services.

Mexico’s S&P/BMV IPC index was down more than 2 percent, with shares in Grupo Financiero Banorte down more than 11 percent. Santander and Gentera both dropped more than 7 percent.

The new shock to markets by the incoming government comes after president-elect Andres Manuel Lopez Obrador announced on Oct. 29 that he would scrap a $13 billion airport project, pummeling stocks and the peso.

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