Mexican stocks slumped on Friday as investors took profits in Wal-Mart de Mexico (Walmex) after the retailer reported a sharp rise in quarterly profit.
The IPC benchmark stock index, which had risen about 13 percent since mid-August, declined 1.59 percent to finish at 10,920.97 points as investors cashed in some gains.
Walmex, a unit of US-based Wal-Mart, the world's largest retailer, on Thursday posted 20 percent growth in third-quarter net profit, as it expanded aggressively in the retail market, offering low prices.
On Friday, the company's shares, which account for 13 percent of the IPC index, fell nearly 2 percent to end at 38.12 pesos. Walmex had risen about 12 percent since mid-August.
Deutsche Ixe called Walmex's earnings robust but downgraded the stock to "hold" from "buy," saying its "current valuation is already pricing in a bull-case scenario."
Mobile phone operator America Movil, controlled by billionaire Carlos Slim, dropped 2.22 percent to 22.03 pesos, and its American Depositary Receipt lost 1.68 percent to $39.19.
Steel company Hylsamex, one of the market's biggest gainers in recent sessions, dropped 1.67 percent to 25.83 pesos.
In the foreign exchange market, Mexico's peso traded slightly stronger at 11.2500 on Friday, unaffected by the central bank decision to leave monetary policy unchanged in a widely expected decision.