Argentine markets plummet amid global sell-off
(Updates with closing prices, fresh quotes)
BUENOS AIRES Oct 6 (Reuters) - Argentine stocks, bonds and the peso suffered heavy losses on Monday amid a global market sell-off sparked by fears of a worldwide recession.
The MerVal index of leading shares .MERV closed down 5.9 percent lower at 1,423.35 points, after shedding more than 11 percent earlier in the session.
"People don't want to take any chances, they're abandoning bonds and stocks and covering themselves with dollars," one foreign currency trader said.
Stock market losses were led by index heavyweight Tenaris TENA.BA, which makes steel tubes for the energy industry. Its shares fell 10.2 percent at 47.5 pesos.
Tenaris tends to fall along with oil prices, which sank to an eight-month low below $88 a barrel.
Meanwhile, Argentine bonds traded locally plunged 6.5 percent on average in over-the-counter trade. Dollar-denominated Discount bonds ARDISCD=RASL took the biggest hit, shedding 12 percent according to the ask price.
Bonar 2013 bonds in dollars fell 9.2 percent.
Argentina's debt spreads over similar U.S. Treasuries widened 151 basis points to 1,191 on the JPMorgan Emerging Markets Bond Index Plus (EMBI+) 11EMJ. Continuación...