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Spanish stock market falls 0.4 pct, closes at 8,901 points after U.S. election

Xinhua, November 10, 2016 Adjust font size:

The Spanish stock market index Ibex-35 fell 0.4 percent on Wednesday to close at 8,901.50 points after the results of the U.S. election, down from the 8,937 points of Tuesday.

Miguel Angel Arino Martin, professor at the IESE Business School in Barcelona, told Xinhua that the Spanish stock market index Ibex-35 had started the session falling but it recovered by the end of it.

First falls were due to the uncertainty after knowing the results of the U.S. election, although the victory of Donald Trump "was not a complete surprise, because it could happen", he said.

He said that the impact on the stock market would be seen in the medium term taking into account the economic and social policies implemented by Trump.

He explained that some share values within the index were volatile, so they could fall and rise very easily, for example some banks.

"We should look at the medium term instead of short term," he said.

On Wednesday session, ArcelorMittal shares led rises climbing 10.46 percent, followed by Acerinox, ACS, Banco Popular, Grifols and Caixabank that rose 5.72 percent, 5.22 percent, 4.24 percent, 3.94 percent and 2.55 percent respectively.

On the other hand, BBVA shares led falls losing 5.70 percent, followed by Gamesa, Iberdrola, Abertis A, REC and Enagas that lost 4.22 percent, 2.05 percent, 1.73 percent, 1.63 percent and 1.52 percent respectively.

Spain's risk premium closed at 112 points and Spain's 10-year bond interest rate at 1.2 percent. Endit