Argentine stocks tumble on global economy worries

lunes 2 de marzo de 2009 19:15 ARST
 

BUENOS AIRES, March 2 (Reuters) - Argentina's stock, currency and bond market trends on Monday.

* MerVal stocks index .MERV plummeted 7.41 percent to 943.75 points, its biggest one-day drop since October on investor worries the global financial crisis is deepening.

* Shares of market heavyweight Tenaris TENA.BA, a top global producer of steel pipes for the energy industry, fell 11.42 percent to 29.1 pesos, pushed down by a 10 percent drop in global oil prices.

* On the broad market volume was a light $15.6 million. Of active issues, 2 advanced, 51 declined and 8 were unchanged.

* Prices for government bonds traded over-the-counter in Buenos Aires fell 1.4 percent on average, weighed down on investor fears over the state of the global economy.

* Dollar-denominated "Par" bonds ARDISCD=RASL slumped 2 percent.

* The Argentine peso currency fell to its lowest level since January 2002 in formal exchange between banks, weakening 1.11 percent to 3.6025/3.6075 per dollar ARS=RASL.

* In informal trade between foreign exchange houses, as measured by Reuters, the peso fell 0.68 percent to end at 3.66/3.665 ARSB=. (Reporting by Jorge Otaola; Editing by Kenneth Barry)