Mexico stocks rise, buoyed by Fed plan; peso flat

(Recasts, adds details)

MEXICO CITY, March 12 (Reuters) - Mexican stocks rose on Wednesday as optimism about the U.S. Federal Reserve's efforts to ease credit market problems buoyed equities for a second straight day.

The benchmark IPC index .MXX gained 0.88 percent to 29,726 points, while the peso <MXN=> MEX01 was flat at 10.7715 per dollar.

The IPC index saw its second-biggest gain of the year on Tuesday, leaping more than 4 percent after the U.S. Federal Reserve said it would inject ailing credit markets with up to $200 billion.

The move spurred global investors to snap up riskier emerging market equities and currencies.

"We are seeing a little of the inertia from yesterday, and there isn't any other important data that we are waiting for today," one trader said.

The local stock market was also boosted by gains in bellwether America Movil, Latin America's largest mobile phone operator, after the company announced a dividend and share buy back plan.

America Movil (AMXL.MX: Quote, Profile, Research) climbed 0.62 percent to 32.25 pesos. Its shares trading in New York (AMX.N: Quote, Profile, Research) advanced 0.52 percent to $59.88.

America Movil said on Tuesday it will pay a 0.26 peso-per-share dividend and plans to increase its buy-back fund by 40 billion pesos ($3.71 billion).