Argentine stocks drop with oil, bonds slump

martes 7 de abril de 2009 20:17 ART

BUENOS AIRES, April 7 (Reuters) - Argentina's stock, currency and bond market trends on Tuesday.

* The MerVal stocks index .MERV slumped 2.98 percent to 1,149.74 points, following Wall Street losses.

* Tenaris (TENA.BA: Cotización), which makes steel products for the oil industry and is weighted as almost half of the MerVal, gave up 4.48 percent to 40.45 pesos per share as oil prices slipped.

* On the broad market, stocks volume was weak at $7 million. Of active issues, 15 advanced, 38 declined and 13 were unchanged.

* Prices for government bonds traded over-the-counter in Buenos Aires fell 0.7 percent on average.

* The 2038 Par bond in pesos slid 4.4 percent to an ask price of 17.20.

* In formal exchange between banks, the peso rose for a fourth consecutive section, gaining 0.07 percent to 3.7625/3.6750 per dollar ARS=RASL as grains exporters brought dollars into the market due to government policies that have encouraged farmers to let go of soy stocks.

* In informal trade between foreign exchange houses, as measured by Reuters, the peso inched down by 0.20 percent to 3.7050/3.7100 ARSB=. (Reporting by Jorge Otaola and Walter Bianchi, writing by Fiona Ortiz)