Mexico stocks dip on US recession woes, peso firm

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MEXICO CITY, Jan 7 (Reuters) - Mexican stocks fell 0.58 percent on Monday as investors worried a possible recession in the United States could hurt the domestic economy.

Mexico's IPC stock index .MXX dropped 165.36 points to finish at 28,152.56 points. The peso currency MEX01 MXN= managed a modest gain of 0.23 percent to 10.9110 per dollar.

Markets in Mexico have been volatile for months because of concern that a persistent crisis in the U.S. housing and mortgage markets could lead to an economic slump.

"The recent U.S. indicators have not been good, which calls for pessimism among investors," said Rogelio Gallegos, head of trading at Actinver fund manager. "As long as the U.S. market continues with its rollercoaster ride, volatility will prevail in Mexico."

Mexico's economy leans heavily on the United States, where it now ships an estimated 80 percent of its exports.

The yield on the benchmark government 10-year peso bond MX10YT=RR slipped 3 basis points to 8.15 percent.

In local stock trading, cellphone operator America Movil (AMXL.MX), the most heavily weighted stock in the benchmark IPC index, dropped 1.16 percent to 31.61 pesos. Its New York-traded stock (AMX.N) slipped 0.67 percent to $58.05.

Financial group Inbursa (GFINBURO.MX), owned by Mexican tycoon Carlos Slim, one of the world's richest men, ended among the top decliners, down 6.32 percent at 27.26 pesos.

Miner Grupo Mexico (GMEXICOB.MX) also contributed to the overall decline, as its stock fell 1.96 percent to 66.44 pesos. (Reporting by Vanessa Padilla, Cyntia Barrera Diaz; editing by Gary Crosse)