Mexican stocks rose in light trading on Wednesday, driven by gains in leading retailer Wal-Mart de Mexico and cell phone operator America Movil.

The benchmark IPC stock index moved up 0.61 percent to 32,313 points, while the peso was about flat at 10.768 per dollar.

Trading volume was low as investors in the United States, who are big players in Mexican markets, stayed away for the U.S. Independence Day holiday.

Shares in America Movil pushed hardest among the index's winners, gaining 1.29 percent to 35.45 pesos.

Wal-Mart de Mexico (Walmex) climbed 0.74 percent to 41.95 pesos.

The stock index jumped 2.22 percent on Tuesday as investors bet that Standard & Poor's would soon upgrade Mexico's sovereign debt rating.

Shares in Bimbo, the world's No. 3 maker of bread, rose 1.61 percent to 67 pesos.

In the debt market, the price of the benchmark 10-year government peso bond was flat, bidding 102.294 with a yield of 7.63 percent.