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Mexican stocks came out on top after a volatile month-end session on Friday, with hefty gains in house builder Geo and Banorte bank. The benchmark IPC stock index finished 0.31 percent higher at 19,272.63 points after spending much of the day in negative territory.
Mexico's IPC has been near record highs for much of the past month, but stock trading has been volatile due to rising US Treasury yields.
In stock trading, Mexico's leading home builder Geo surged nearly 3 percent to 41.04 pesos.
At the Reuters Latin America Investment Summit this week, Geo chief executive Miguel Gomez Mont said that his company expects revenues to grow by as much as 20 percent this year and his firm will borrow $200 million abroad to improve its debt profile.
Despite volatility in Mexico's stock market recently due to expectations of higher US interest rates, Mexico's IPC index rose about 3 percent in March.
Banorte bank finished 3.81 percent higher at 25.89 pesos after telling Reuters on Friday it expects to expand its lending by as much as 20 percent this year.
Cellphone operator America Movil, the most heavily weighted stock in the IPC index, ended 0.49 percent higher at 18.59 pesos and its New York-traded shares picked up 1.33 percent to $34.26, helped by the stronger peso.
Meanwhile, Mexico's peso currency added 0.33 percent to 10.9010 per dollar, its third straight session of gains.
Mexico's currency weakened about 4 percent in the month, battered by concerns about rising US interest rates, which would make local investments less enticing.
HSBC recommended on Friday that investors sell the peso in favour of Brazil's real.
"Political risk in Brazil will not go away, but in Mexico it is likely to worsen in the coming weeks resulting in negative net portfolio flows," HSBC said in a note.
Mexico holds presidential elections on July 2 and a leftist candidate that has raised concerns with investors has a wide lead in opinion polls.

Copyright Reuters, 2006

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