Mexican stocks follow Wall Street to end down

Mexican stocks ended lower amid profit-taking on Friday, following Wall Street down after news the US economy grew slower than expected in the fourth quarter.
The IPC benchmark stock index fell 0.16 percent to end at 9,428.77 points, while in New York the Dow Jones industrial average lost 0.21 percent.
Both indexes spent most of the day off even further.
"It was a matter of the US GDP number, a stock trader said in Mexico City. "People are still a bit nervous."
The US economy expanded at a 4 percent annual rate in the last quarter of 2003, less than half the pace of the third quarter, the US Commerce Department said early on Friday.
Mexican stocks are sensitive to US economic news, as the Latin American country sends 90 percent of its exports north of the border.
Shares in Mexico had gained fairly steadily since mid-December, and many traders had been calling for a bout of profit-taking.
The IPC benchmark index has dipped almost 2 percent since January 27. "It's 50-50 whether this thing is still going to go down more," a trader said. "Next week is anyone's call."
Mexican retail and industrial conglomerate Grupo Carso, a strong gainer over recent weeks, slipped 1.3 percent to end at 45.10 pesos.
No. 1 Hispanic broadcaster Televisa lost 1.8 percent to 22.50 pesos, and its American Depositary Receipt lost 1.3 percent to end at $40.50.
Financial group Banorte ticked 1 percent higher to 37.57 pesos after reporting a 30 percent jump in fourth-quarter net profit late on Thursday.
The financial group, Mexico's fourth largest, also said it had accepted the unexpected resignation of Chief Executive Othon Ruiz, who was popular with investors. Ruiz is resigning for personal reasons, the bank said. Ruiz's replacement has not yet been named.
The stock could see volatility in the near term until his replacement develops a track record, traders said.
"Some people didn't take that well, mainly outside of Mexico," said Juan Jose Resendiz, director of analysis at Arka brokerage in Mexico City.
America Movil, Latin America's largest cell-phone operator and the most heavily weighted stock in the IPC index, rose 0.1 percent to 17.49 pesos, and its ADR rose 0.7 percent to $31.25, supported by a recovery in the peso.