Mexico stocks gain as soft US inflation data boosts

(Adds details)

MEXICO CITY, May 15 (Reuters) - Mexican stocks rose on Tuesday after weaker-than-expected U.S. inflation data suggested the U.S. Federal Reserve may have a little more room to consider cutting interest rate.

The benchmark IPC stock index .MXX climbed 0.19 percent to 29,822 points, while the peso currency MXN= MEX01 firmed 0.11 percent to 10.798 per dollar.

Core consumer prices for the United States were up 2.3 percent in April on a year-over-year basis, just below analysts' expectations of a 2.4-percent rise.

"Our outlook on (U.S.) rate cuts is more positive now," said a stock trader in Mexico City.

If the Fed cuts rates to stimulate the U.S. economy, Mexico's economy would also benefit since it sends nearly 90 percent of its exports to its northern neighbor.

In local trading, shares of dominant cell phone operator America Movil (AMXL.MX) (AMX.N), rose 1.05 percent to 29.90 pesos, while its New York-traded shares were up 0.91 percent at $55.38.

Cement maker Cemex (CMXCPO.MX) (CX.N), a top supplier of the U.S. construction industry, rose 0.6 percent to 37.05 pesos. Its New York traded shares advanced 0.97 percent to 34.36 pesos.

On the losing end, leading homebuilder Homex (HXM.N) (HOMEX.MX), fell 4.27 percent to 107.48 pesos in Mexico, and its New York-traded stocks was 3.97 percent lower at $59.79.

Homex, which specializes in building massive developments of low cost housing, could not be reached immediately for comment.

In the debt market, the yield on Mexico's benchmark 10-year government bond MX10YT=RR rose 3 basis points to 7.69 percent.