Argentine stocks rise as trade picks up, bonds slip

martes 8 de abril de 2008 18:25 ART

BUENOS AIRES, April 8 (Reuters) - Argentine stocks inched higher on Tuesday as investors showed interest in the leading local shares, boosting overall trade volume, traders said.

The benchmark MerVal stock index .MERV rose 0.58 percent to 2158.73 points.

"With a little more volume, the MerVal moved in line with the Brazilian market and was very focused on strength in Tenaris, Brazil's Petrobras and on a buying frenzy around Banco Patagonia amid rumors of a sale," said Horacio Corneille, a trader at the brokerage that bears his name.

Market heavyweight Tenaris (TENA.BA: Cotización), the world's top producer of seamless steel tubes for the oil and natural gas industry, rose 2.1 percent to close at 82.7 pesos as investors worked to rebuild their portfolios after profit-taking.

Shares of Banco Patagonia BPAT.BA climbed 1.12 percent to end at 2.7 pesos. After market close, the company sent a statement to the Buenos Aires Stock Exchange denying the rumors that it would be sold.

Shares of Brazil's state-owned Petrobras (APBR.BA: Cotización) gained 2.36 percent to end at 181.8 pesos in Buenos Aires.

The MerVal rose in tandem with the Brazilian market .BVSP, which gained 0.57 percent on purchases of blue-chip shares.

On Argentina's broad market, volume was a healthy $34.4 million. Of the active issues, 34 advanced, 20 declined and 22 ended unchanged.

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