Mexico´s benchmark stock index rose to a record, led by wireless provider America Movil SA, as it capped an eighth week of gains.

The Bolsa rose 343.46, or 2 percent, to 17,554.48. The index had fallen the previous two sessions.

"It´s the accumulation of positive economic news," said Carlos González, an equity strategist with Ixe Grupo Financiero SA in Mexico City.

On Dec. 7 Fitch Ratings raised Mexico´s debt rating one level. Mexico´s annual inflation rate yesterday fell to a record low in November, and today Mexico´s central bank cut its benchmark interest rate a half point, more than the quarter-point cut expected by economists in a Bloomberg survey. U.S. consumer confidence also rose in December, a government report said today. The United States buys about 85 percent of Mexican exports.

America Movil SA (AMXL MM) rose 55 centavos, or 3.5 percent, to 16.26 pesos after falling 2.7 percent in the previous two sessions. America Movil is better positioned to take advantage of rapid growth in Latin America´s wireless market in the next three years than competitors, wrote Morgan Stanley analyst Vera Rossi in a report yesterday. "America Movil remains the fastest growing company in the region, gaining significant market share over its main competitor, Telefonica Moviles," she said.

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ANALYST: MEXICAN PESO TO WEAKEN IN 2006

The Mexico peso likely will weaken against the dollar in 2006 as domestic interest rates fall, making it less attractive for foreign investors to buy local bonds, ABN Amro Holding NV said.

Mexico´s peso likely will weaken to 11.50 per dollar, from 10.6270 now, according to a report by ABN Amro featuring economists Greg Anderson, Fernando Losada and Mario Mesquita. Mexico´s central bank may reduce the benchmark interest rate to 8 percent by March, the report said.