During November, both foreigners and locals were better sellers of local equity with total net flows of -$1.5 bn, marking the highest monthly outflows since April. With one month left in the year, net flows into Mexico are tracking at -$3.6 bn YTD vs. $0.7 bn in 2022. Of note, total foreign investment stock in Mexico increased to $174 bn, +12.1% m/m (+9.9% y/y), while the MEXBOL was +10.2% m/m. Local outflows reached $958 mn out of which $560 mn came from Pension Funds and $397 mn from Mutual Funds. Foreigners sold for the fourth consecutive month, with only July having inflows during this year. Their outflows amounted to $500 mn, leaving YTD at -$5.1 bn. Buybacks were $230 mn, a bit below October˖s YTD high, but with activity remaining above 2023˖s monthly average of $164 mn. This means share repurchases have reached $2.0 bn YTD (59% FY22). ADTV stood at $665 mn during November, relatively flat m/m but slightly above the L6M average of $653 mn
-J.P. Morgan Equity Strategy
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