Mexico's stocks ended lower reversing earlier gains amid losses in telecom bellwether America Movil. Revised first-quarter US GDP figures showed less of a contraction than initial estimates, while another report showed Japanese factory output jumped in April at its fastest rate in more than a half century. The data boosted "further speculation that the worst of the global recession may be over," RBC Capital Markets said in a note to clients.
Mexico sends about 80 percent of its exports to the United States. The IPC stock index fell 0.1.33 percent to finish at 24,331.17 points after spending much of the day in positive territory. Cellphone operator America Movil, controlled by billionaire Carlos Slim, slipped 3.1 percent to 24.98 pesos. For the week, the IPC index rose 1 percent and the peso was about flat.
Holding the peso currency back from further gains on Friday, Mexico said it will reduce dollar sales meant to boost the peso since the currency has recently stabilised. Before the announcement, the peso had strengthened to as high as 13.04 per dollar. In stock trading, leading retailer Wal-Mart de Mexico fell 0.54 percent to 38.69 pesos. Banorte bank, which on Thursday said it would soon list its shares on the Madrid stock exchange, rallied 2.53 percent to 31.25 pesos.