Mexico and Andean Stocks: IPC, IPSA, COLCAP, BVL — 2026-09-09
Latin American markets closed mixed this week as Mexico’s IPC rebounded to 65,065.56 points while Chile’s IPSA slipped amid weak Imacec data and copper supply concerns. Colombia’s COLCAP gained ground despite sticky inflation, and Peru’s BVL bucked global volatility to post a 1.16% rise, driven by local demand and Chancay port developments.
Mexico and Andean Stocks: IPC, IPSA, COLCAP, BVL — 2026-09-09
Top developments
Mexico IPC Rebounds to 65,000 Level
On Tuesday, September 8, Mexico’s S&P/BMV IPC index rose 0.52% to close at 65,065.56 points, ending a two-session losing streak. The rally was supported by positive sentiment ahead of the Federal Reserve's upcoming decision, with local media noting that the peso remained stable near 16.91 per dollar as traders awaited the government's fiscal package presentation to Congress.
Chile IPSA Drops on Weak Activity Data
Chile’s S&P IPSA fell 0.33% on Tuesday, September 8, reflecting investor caution following disappointing economic indicators. Earlier in the week, data revealed that Chile’s Imacec activity index contracted by 1.5% in July, marking the first drop in copper shipments since 2023. This weakness in copper exports, a key driver for the IPSA, pressured mining-linked stocks despite stable copper prices near US$39.95 per pound.
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Colombia COLCAP Gains Despite Inflation Concerns
Colombia’s COLCAP index advanced 0.82% on Monday, September 7, showing resilience against a backdrop of rising inflation. Although the country reported a record inflation print of 6.24%, the market focused on global risk appetite and oil prices, which have remained elevated due to geopolitical tensions in the Middle East. The Colombian peso strengthened slightly against the dollar as investors weighed the central bank's next policy moves.
Peru BVL Outperforms Global Markets
Peru’s Lima Stock Exchange (BVL) General Index rose 1.16% on Tuesday, September 8, defying declines in Wall Street and other regional markets. The outperformance was attributed to strong local corporate earnings and growing optimism around the Chancay port, which is boosting trade volumes with Asia. Mining stocks supported the index, although copper supply concerns in neighboring Chile kept gains modest.
Local view
Local media in Chile highlighted the contrast between the IPSA’s stagnation and the robust performance of the BVL, with Diario Estrategia noting that the Chilean market lacks new catalysts despite high copper prices. In Mexico, El CEO reported that the IPC’s recovery was partly driven by foreign inflows betting on Banxico’s continued pause at 6.50%, with airport infrastructure deals providing additional sentiment support. Meanwhile, Colombian analysts at Investing.com noted that the COLCAP’s gains were concentrated in financial and energy sectors, which are less sensitive to the recent inflation spike.
Context & numbers
- Mexico IPC: Closed at 65,065.56 (+0.52%) on Sept 8; Peso at ~16.91 USD/MXN.
- Chile IPSA: Closed down 0.33% on Sept 8; Copper (CPER) at US$39.95.
- Colombia COLCAP: Up 0.82% on Sept 7; Inflation at 6.24%.
- Peru BVL: General Index up 1.16% on Sept 8.
- Copper Supply: Chile’s copper shipments dropped for the first time since 2023 in July.
On the radar
- Federal Reserve Decision: Markets are pricing in a rate hike following August payrolls beat, which could impact emerging market flows.
- Mexico Fiscal Package: The presentation of the fiscal package to Congress is expected to influence peso volatility and budget-sensitive stocks.
- Oil Prices: Brent crude remains near six-week highs due to US-Iran tensions near Hormuz, benefiting Colombia’s energy sector but increasing import costs for Chile and Peru.
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