Argentine stocks up, peso hits historic low vs euro

jueves 13 de marzo de 2008 18:36 ARST

BUENOS AIRES, March 13 (Reuters) - Argentine stocks rose on Thursday mirroring Wall Street's rebound as U.S. financial shares recovered, while the peso hit a record low against the euro due to the weakness of the U.S. dollar.

The benchmark MerVal index .MERV closed up 0.73 percent to 2,149.91 points.

The MerVal tracked Wall Street's recovery as financial shares erased earlier steep losses after a major credit rating agency said the end to subprime-related write-downs is in sight.

"The MerVal was able to revert the (bearish) trend thanks to Tenaris," said Juan Diedrich, an analyst at Capital Markets Argentina brokerage.

The session's gainers were led by index heavyweight Tenaris (TENA.BA: Cotización), a top global producer of steel tubes for the natural gas and oil industry, which rose 2.49 percent to 80.2 pesos per share.

On the broad market, volume was a healthy $41.9 million. Of the active issues, 30 advanced, 37 declined, and 14 ended unchanged.

Meanwhile, government debt prices <AR/BONOS> fell 0.7 percent on average. Prices were mixed with the peso-denominated Par bond dropping 2.9 percent in over-the-counter trade, while the Boden 2014 denominated in dollars rose 0.6 percent.


The Argentine government's frequent intervention to sell the Argentine peso and buy U.S. dollars has kept the currency weak to boost exports, even while other major regional currencies have appreciated sharply.   Continuación...