By Carla Mozee

Mexican blue-chips slipped Friday, giving up gains it had made during the session as investors took in stride dismal figures about home sales reported by its biggest trading partner.

In Mexico City, the IPC equity index closed down 14 points at 31,634.54, as losses among mining and industrial stocks outstripped gains among consumer-discretionary and home-building issues.

Friday's loss marked the fifth straight decline for the index. The IPC also had a five-session losing streak in January.

The IPC fell 1.5% for the week, its first loss in four weeks. The index for the month, however, rose 4.1%, winning back the bulk of its 5.4% decline in January.

Among decliners, shares of Televisa (TV) slumped 2% after the Spanish-language broadcasting giant reported 58% drop in fourth-quarter profit to 1.19 billion pesos ($93.3 million), missing a Dow Jones Newswires consensus estimate for a profit of $2.48 billion. Profit was hurt, in part, by foreign-exchange losses.

Quarterly sales, however, rose to 15.16 billion pesos, better than the forecast for 15.08 billion pesos.

Shares of rival TV Azteca slipped 0.2%.

Advancers included cement maker Cemex (CX), up 0.6%. Homex (HXM) rose 2.4% and brewer Grupo Modelo (GPMCY) shares bounced 5.4% higher.

But baked-goods maker Grupo Bimbo shares closed up fractionally, stepping back from a climb of nearly 3%, and petrochemicals firm Mexichem gave up earlier gains to finish with down 3.3%.

A report from the U.S. about sales of existing homes and condos dropping 7.2% to a seven-month low in January appeared to have been offset by the Commerce Department's report that growth in gross domestic product for the fourth quarter was revised higher, to a 5.9% annualized rate from a previous reading of 5.7%.

On Wall Street, the S&P 500 Index (SPX) edged up 0.1%.

Investors in Mexican assets keep close watch on U.S. economic developments because of Mexico's heavy dependence upon the U.S. for business. Mexico sends 80% of its products to its northerly neighbor.

Earlier this week, Mexico reported a 2.03% rise in GDP for the fourth quarter from the third quarter, showing that the local economy continued to climb out of its worst recession since the mid-1990s. For 2009, GDP shrank 6.5%.

In exchange-traded funds, the iShares MSCI Mexico Index (EWW) ended flat at 48.64 and ended with a monthly gain of 5.7%, winning back the bulk of its January losses.

Meanwhile, Brazilian stocks broke through seesaw trading to leave the Bovespa index up 0.6% at 66,503, led by gains among mining, finance, home building and transportation stocks. Shares of air carrier TAM (TAM) was the best price performer of the day, rising 7.5%.

Decliners included Fibria (FBR), shares of which fell 5.3%. The paper and pulp supplier posted a narrower fourth-quarter loss of 150 million reals ($83.1 million) compared with a loss of 968 million reals. Sales rose to 1.7 billion reals.

Shares of Petrobras (PBR) rose 0.7% ahead of the state-run oil firm's fourth-quarter results due late Friday.

The Bovespa ended the week with a 1.6% loss, its first loss in three weeks. For the month, the index rose 1.7%. It fell 4.6% in January.