Foreign investors continued to add capital to local stock markets towards the end of the year, in a context in which Mexican equities recorded their best performance since 2009, when they accumulated gains of more than 40 percent.
In December, foreign investors injected $320 million into the two Mexican stock markets. Although it was the lowest inflow of foreign capital since July 2024, the data allowed for three consecutive months of positive flows, a dynamic not observed since the summer of 2019, according to figures from the Bank of Mexico.
Despite the better tone towards the end of the year, the annual balance remained negative. Throughout 2025, foreigners withdrew capital in 8 of the last 12 months, resulting in accumulated net outflows of $4,684.6 million. This marked the third consecutive year of divestments, although for the lowest amount since 2002.
Even so, the total balance of foreign investment in the Mexican stock market amounted to 178,195.8 million dollars, its highest level since May 2024. This result was supported, to a large extent, by a solid performance of the peso against the dollar. In 2025, the exchange rate appreciated close to 16%, the largest annual gain against the US currency since the start of the free floating regime in 1994.
In this context, the local stock market managed to overcome external shocks throughout 2025. Factors such as the weakness of the dollar, the strong rebound in the prices of precious metals, particularly gold and silver, and the search for more attractive valuations compared to the US market contributed to sustaining stock market performance, despite the irregularity of capital flows.
The international environment also showed signs of relief towards the end of the year. In December, flows into emerging market equities turned positive, with inflows of $7.3 billion, following outflows of $20.6 billion in November. However, in the accumulated period for 2025, flows remained in negative territory, with divestments of $48.9 billion, only a slight improvement compared to the previous year, according to data from the International Institute of Finance.
The historic performance of precious metals also particularly favored the mining sector throughout 2025.
