BUENOS AIRES, May 6 (Reuters) - Argentina's stock, currency and bond market trends on Wednesday.
* Prices for government bonds traded over-the-counter in Buenos Aires rose 6.6 percent on average as state banks bought heavily.
* Traders said news that some areas of the world economy might be moving into recovery has revived demand for high risk bonds such as Argentina's, and that the government wants to take advantage of the still low prices to buy back debt, through state banks, before it goes up.
* "There is no doubt there are official buybacks, and I think they're getting a good deal because instead of paying interest it's basically a rescue," Rodolfo Rossi, a former central bank president, told Reuters.
* The dollar-denominated 2033 Discount bond ARDISCD=RASL soared 14 percent to close at an ask price of 38.30.
* The MerVal stocks index .MERV rose 3.42 percent to close at 1,409.91, a new seven-month high.
* Tenaris TENA.BA TS.N, which makes steel products for the oil industry and is weighted as almost half of the MerVal, rose 3.39 percent to 51.90 pesos per share, as raw materials prices rose globally.
* On the broad market volume was strong at $17 million. Of active issues 56 advanced, six declined and eight were unchanged.
* In formal exchange between banks the peso weakened by 0.34 percent to 3.7100/3.7125 per dollar ARS=RASL.
* In informal trade between foreign exchange houses, as measured by Reuters, the peso ended 0.13 percent lower at 3.7300/3.7350 ARSB=. (Reporting by Jorge Otaola and Walter Bianchi, writing by Fiona Ortiz; Editing by Diane Craft)