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Prevents the foe from lowering stats on the user's party through direct stat modifiers, such as Sand-Attack, or as a side effect of an attacking move, such as Seed Flare. This effect lasts five turns. Does not prevent the user's team from using stat-modifying moves, or prevent the user's party from lowering their own stats through moves such as Close Combat. The move fails if the effect is already active. Can be removed through Defog. Does not prevent the use of Guard Swap, Power Swap, and Heart Swap.
Mist has little competitive use. As moves that lower stats are quite rare, there is little benefit to protecting your team from them. Furthermore, the moves that do occasionally lower stats have a low chance, which won't impact one's play. Another thing to consider is the moveslot required--most Pokemon have better things to do.