Argentine stocks rebound thanks to energy shares

jueves 8 de enero de 2009 19:19 ARST

BUENOS AIRES Jan 8 (Reuters) - Argentine stocks rebounded on Thursday, buoyed by gains in energy-related shares despite a downturn in U.S. crude futures, traders said.

The benchmark MerVal index .MERV closed 2.17 percent higher at 1,192.44, racking up a 10.4 percent gain since Jan. 1.

"The market rose today thanks to Tenaris and Brazil's Petrobras, the two stocks that took the worst hit yesterday (Wednesday) but were the pillars of the MerVal's gains today," said Ruben Pascuali, a trader at Mayoral Bursatil.

Traders said investors keep betting on energy-related shares despite three days of losses in U.S. crude oil futures.

Index heavyweight Tenaris (TENA.BA: Cotización), which makes steel tubes for the energy industry, jumped 4.6 percent to 42.00 pesos a share. Tenaris accounts for more than one-third of the MerVal's weighting.

Shares in Brazilian state energy firm Petrobras APBR.BA rose 3.6 percent to end at 47.50 pesos in Buenos Aires.

Volume on the broad market was a modest $15.3 million. Of active shares, 23 rose, 39 fell and 14 were unchanged.

Locally traded Argentine bonds slipped after making steady gains in recent days, falling 0.4 percent on average in over-the-counter trade as investors took profits, traders said.

Losses were led by the dollar-denominated 2033 Discount bond ARDISCD=RASL and the dollar-denominated 2038 Par ARPARD=RASL, both of which sank by 1.4 percent, according to the ask price.   Continuación...