Mexican stocks end firmer despite US rate concerns

Mexican stocks closed 0.92 percent higher on Friday as investors' cheer over generally strong quarterly earnings outweighed concerns about rising US interest rates.
The benchmark IPC stock index gained 142.05 points to 15,579.68, led higher by Latin America's biggest wireless company, America Movil. The peso currency also firmed 0.70 percent even after Mexico's central bank cut interest rates.
The stock index has now gained an estimated 20.6 percent since the start of 2005.
The IPC ended the week up 4.54 percent, its best weekly performance so far this year, on largely positive third-quarter corporate earnings in a reporting period that ended Friday.
Still, investors remained somewhat cautious due to worries over rising US interest rates, traders said. The US Federal Reserve has made clear it will push interest rates further in an effort to head off inflation.
"The upward tendency of rates at the international level is a factor negatively affecting capital markets," Santander Serfin financial group said in a research note.
America Movil makes up 18 percent of the index and drove the stock market's rise this week. It gained 2.28 percent to close at 13.89 pesos on Friday, while its New York stock gained 3.34 percent at $25.70.
The company reported stronger-than-expected sales growth for the third quarter and forecast rapid expansion.
It said this week it will sink $3 billion into new investments next year and add 20 million subscribers in a battle with Spain's Telefonica for supremacy in Latin America.
Cemex, the world's third-largest cement maker, rose 2.63 percent to 55.33 pesos, while in New York stock closed up 1 percent at $51.61.
On Thursday, Santander Investment raised its recommendation on Cemex to "strong buy" from "buy," citing strong performance.
Cemex nearly doubled its net profit in the third-quarter from higher sales after its purchase of British ready-mix concrete giant RMC.
Airport operator Asur rose 2.94 percent to 35.00 pesos after slipping earlier this week due to concerns about the impact of Hurricane Wilma on its operations.
Mexico's central bank pushed interest rates lower for a third straight month to help boost the tepid economy. The market had already discounted the move and Mexico's peso closed 0.7 percent higher at 10.8345 per dollar.