Mexican stocks plunge

Mexican stocks finished lower on Friday with a dip in Wal-Mart de Mexico. The IPC stock index fell 0.59 percent to 31,642.26 points. In stock trading, retailer Wal-Mart de Mexico, one of the most heavily weighted stocks in the IPC index, declined 1.67 percent to end at 42.27 pesos.
Leading cellphone operator America Movil saw its stock dip 0.58 percent to 34.13 pesos and its New York-traded shares fell 0.88 percent to $63.12. The peso lost ground after the central bank held its overnight interest rate steady at 7.25 percent. The peso retreated 0.39 percent to 10.8350 per dollar. Currency traders said woes about the struggling US subprime lending market were hurting the peso as investors unloaded some emerging markets assets.