Mexican stocks sink after ruling party proposes cutting bank fees

|About: Banco Santander (México), S... (BSMX)|By:, SA News Editor

Banco Santander México (NYSE:BSMX) slumps 4.8% as Mexican stocks overall decline after the nation's ruling party said it will proceed with proposals to reduce bank fees.

Senate members of the Morena party are pushing ahead with the proposals, after President-elect Andres Manual Lopez Obrador said on Friday that there would be no changes to banking laws soon.

iShares MSCI Mexico Capped ETF (NYSEARCA:EWWdips 3.0% in late trading in New York. Another Mexican bank Grupo Financiero Banorte falls 1.5%.

Mexican peso loses 0.8% against the dollar.

Previously: Banco Santander México falls 3.4% after Q3 EPS slips from Q2 (Oct. 31)

ETFs: EWW, MXF, MXE, DBMX, HEWW, MEXX, FLMX

Related Stocks: CX, AMX, KOF, PAC, VLRS, FMX, TV, BSMX, OMAB, ASR, OTCQX:WMMVY, OTCPK:GRBMF, IBA, AMOV, OTCPK:COCSF,

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