The Mexican Stock Exchange (BMV) registers the greatest growth in capitalization value from January to September 2025, measured in terms of dollars, compared to its peers on the American continent, according to the World Federation of Stock Exchanges (WFE).
Experts consider that the strength of the Mexican market is due to the fact that it was exempt from the tariffs of Donald Trump, president of the United States, the appreciation of the peso and a positive sentiment, as well as attractive valuations.
The BMV had a capitalization value, as of September, of 540,796 million dollars, while at the beginning of the year it was 414,355 million dollars, an increase of 30.52% or 126,441 million, according to the WFE.
With these results, the Mexican stock market has made greater progress than the markets in Brazil, Canada and the United States.
The Nasdaq has an advance of 4.89% to 32.3 billion dollars; In the first nine months of the year it earned 1.5 billion dollars. While the New York Stock Exchange (NYSE) grew a marginal 1.39% to 32.2 billion dollars and totaled 441,103 million dollars.
In the case of the Brazilian Stock Exchange, B3, it gains 61,363.39 million dollars or an advance of 8.40%, adding a total of 791,449 million in market value.
The Santiago de Chile Stock Exchange climbs 20.65% or 36,655 million dollars, and has a capitalization of 214,184 million.
Good data this year
Diego Avilés, analyst for Capitaria México, highlighted that “the BMV is having an outstanding year if we compare it with the rest of the region. While in countries like Chile, Peru or Colombia there have also been increases, Mexico has achieved something that few others have achieved: growth in prices and maintaining its strong currency.”
The expert gave an example: “You have two countries. In the first, stocks rise 20%, but its currency depreciates 15 percent. In the second, stocks rise 12%, but its currency remains stable. In dollars, the second ends up earning more.
“That is just what is happening with Mexico. It is not necessarily growing more in local percentage, but the balance between performance and stability has made it the most attractive market in America this year,” he stated.
Juan Sebastián Restrepo, CFA and deputy director of Asset Management at Skandia, considered that the rebound was driven by expectations of interest rate cuts by the United States Federal Reserve, which encouraged the search for higher yields in emerging markets such as Mexico.
“The record levels reached by the Mexican stock market reflect the strength of key sectors such as mining, industry and consumption, as well as the resilience of the local market in a challenging global environment. This dynamism opens opportunities for those seeking exposure to Mexico, without losing sight of volatility and that the key is to maintain a disciplined and diversified strategy,” he explained.
Janneth Quiroz Zamora, Director of Analysis at Monex Casa de Bolsa explained that towards the end of 2025 and preliminarily for 2026, the capital market will be influenced by several aspects.
He highlighted the local economic growth and in the United States, as well as the commercial scenario, which could imply eventual changes and that the Bank of Mexico will show greater flexibility in the reference rate.
“The reporting season for Q3 25, news related to nearshoring; the market valuation and its ability to improve expectations and news that continue to favor the optimism of flows to emerging markets, an aspect that has favored the market this year,” added the specialist.
BMV Group revenues grow 4% in third quarter
BMV Group (Bolsa) registered a 4% increase in its income, to 1,102 million pesos, during the third quarter of 2025.
The growth is attributed to higher sales in information services, despite the negative effect of the appreciation of the peso, and an increase in the custody of local and global securities.
“The 4% increase in revenue was a weak performance despite higher sales from information services as growth at Depósito Central de Valores normalized,” Valmex analysts wrote in a report.
Capital operations registered an increase of 2.7%, offset by a 4% drop in the average daily traded volume (VOPD) of the national market, offset by a 7% increase in the traded volume of the International Quotation System (SIC).
On the other hand, the operation of derivatives saw an increase of 6.4% despite the fact that a greater volume of dollar futures operations persists, according to analysts.
The Stock Exchange highlighted in its report that the macroeconomic environment impacted its financial results, reflecting the combined effect of macroeconomic and market conditions.
Operating profit increased 1.2% despite the increase in operating expenses due to higher personnel and technology expenses.
So far this year, stock market securities have registered an advance of 2.82 percent. (With information from Marcos Olvera)
