The Mexican benchmark IPC stock index lost 0.16 percent to 28,169.77, dragged down by losses in miners as metals prices fell and weakness at telecommunications giant America Movil ahead of its second-quarter earnings report.
In stock trading, shares of America Movil, Latin America's largest cell phone operator, lost 0.84 percent to 27.03 pesos. Some investors fear America Movil could post on Monday a second consecutive quarter of weaker growth, which could signal a change in the profit outlook for the company.
America Movil's New York-traded stock fell 0.24 percent to $53.10. Shares of miner Penoles, which controls one of the world's largest silver producers, Fresnillo, lost 3.44 percent to 274.47 pesos. Miner Group Mexico, a major copper producer, gave up 2.25 percent to 18.68 pesos.
The central bank on Friday raised its key interest rate by a quarter percentage point to 8 percent, as widely expected. Policy-makers acknowledged considerable risks to economic growth but said the inflation outlook was so bad that they will have to revise upward their price forecast later this month. "Once the market realizes how hawkish the statement is, the peso will keep strengthening," said Alejandro Martinez, a fixed-income and currency analyst at HSBC in Mexico City.