NEW YORK (CNN/Money) - Stocks on Brazil's Bovespa tumbled 4.69 percent as the country's real currency dropped to an all-time low due to political and economic worries.

Stocks in Mexico fell amid fresh losses on Wall Street, with wireless and media stocks taking the brunt of the selloff on the IPC.

Toronto's IPC lost another 1.19 percent, it lowest close since November, as investors bailed on stocks due to lack of confidence in corporate earnings.

The Sao Paulo Stock Exchange's Bovespa index slumped about 4.69 percent to 10,397.5, around one-quarter below where it began 2002 and at levels not seen since mid-October as the Brazil's "real" currency plunged 2.53 percent to hit an all-time low Friday.

Most Bovespa stocks lost ground, with state oil firm Petrobras standing out among losers. Petrobras, the second-heaviest weighted share with 9 percent of the index, stood out with a 10.5 percent drop to 41 reals after Moody's revised the outlook for the company's debt in line with a similar move on the country's debt.

Meanwhile, the world's No.4 brewer, AmBev, was 0.5 percent firmer at 399.80 reals after saying it would buy back $71.4 million of its stock in a bid to withdraw 9.1 percent of both its voting and preferred shares.

Elsewhere, market heavyweight phone company Telemar, which accounts for about 15 percent of the index, slumped 5.5 percent to 25.90 reals, its lowest trading level since mid-October.

Traders pointed to heavyweight exporters as a possible market safe haven as their dollar earnings would be magnified by the weakness of the real.

Among them was world No.1 iron ore miner Companhia Vale do Rio Doce (CVRD), which rose 0.3 percent to 69.50 reals, and pulp producer Aracruz, which gained 3.9 percent to 5.30 reals.

Players said the market was looking forward to the release of one, or possibly two, election polls on Monday to see if race-leader Luiz Inacio Lula da Silva's support has suffered from media reports of an extortion case within his Workers Party.

The inability of government hopeful and market favorite Jose Serra to close on Lula, whose past socialist rhetoric about renegotiating Brazil's debt still spooks investors, has been a key driving force behind the recent market rout.

An Ibope poll Thursday showed Lula had 38 percent support, while former health minister Serra remained a distant second with 19 percent backing.

Mexican stocks dropped Friday, with wireless and media shares topping losers, while the peso currency fell to 18-month lows after Mexico's finance minister said the country could face a crisis similar to Argentina's if it does not boost federal revenues.

Mexico's benchmark IPC index fell for the fourth day this week, shedding 0.47 percent to 6,549.33 after closing 1.64 percent lower Thursday. The index is down about 13 percent since mid-May and has trimmed its year-to-date gains to 2.7 percent.

In the currency market, the peso fell 1.8 percent to 9.98 per U.S. dollar. Traders said the currency was hurt by the comments of Finance Minister Francisco Gil Thursday after the market closed and the dollar's sharp losses against the euro.

The peso has been pressured recently by concerns that a fall in U.S. equity and currency markets would force foreign investors to sell some of their Mexican assets to raise cash.

In stock market action, shares of Mexico's largest media company, Televisa, fell 1.89 percent to 19.20 pesos, while those of its rival, TV Azteca, were off 0.90 percent at 4.4 pesos despite positive analyst comments.

In a report on Friday, J.P. Morgan said both TV Azteca and Televisa have held up well against the Mexican market's recent losses, adding that both companies are expected to benefit from an improved business outlook this year.

Also weak were shares of wireless company America Movil, (AMX: Research, Estimates) which fell 1.55 percent to 6.98 pesos, bringing the stock's losses to 20 percent since the start of the year. Its New York-listed American depositary receipts (ADRs) shed 2.45 percent to $13.95.

The shares of Mexico's largest bank, BBVA-Bancomer, recovered from recent losses, rising 0.37 percent to 8.15 pesos after the Mexican government sold its 11 percent stake in the bank Thursday.

The government sold its stake at 8.10 pesos per share, mostly through a private placement with institutional investors in the United States and Europe, and is expected to raise as much as $920 million before the settlement day of the offer on June 26.

The funds will help the revenue-strapped Mexican government, which has one of the lowest tax-collection rates in the region.

Mexico, Latin America's second-largest economy, collects in taxes an amount equivalent to about 11 percent of its gross domestic product.

Toronto stocks closed lower for the fourth straight session Friday as a lack of confidence in corporate earnings triggered a broad-based slide, led by slumping telecommunications and bank issues.

The Toronto Stock Exchange's S&P/TSX composite index closed down 85.92 points, or 1.19 percent, at 7,139.43, less than 1 point above its session low and its lowest close since early November.

On the week, the benchmark index closed lower in four of five sessions en route to losing another 1.5 percent.

All 10 of the TSX's subgroups closed lower, led by a near 4 percent slide in the telecommunications sector and a 1.7 percent dip in the financial index.

Part of the market's slide, most of which came in the final hour of the session, was pinned on "triple witching" -- when stock index futures, index options and individual equity options expire on the same day, triggering gyrations in the market and spikes in trading volume.

Telecommunication stocks were led lower by Telus Corp., which closed down C$1.25, or 10 percent, at C$11.00, and BCE Inc., which dipped 85 Canadian cents, or 3.2 percent, to C$25.55.

Analysts are still not convinced that spending in the struggling sector is set to rebound and are nervous as the upcoming earnings season nears.  

--from staff and wire reports