Argentine stocks jump 11 pct in post-holiday rally

martes 14 de octubre de 2008 18:01 ART

(Adds closing prices, trade volume on stocks, fresh comment)

BUENOS AIRES Oct 14 (Reuters) - Argentine stocks soared 11 percent on Tuesday, enjoying their biggest one-day gain since January 2002 as the local market tracked global gains from a day earlier.

The MerVal index of leading shares .MERV ended up 10.99 percent at 1,349.69 points, after the Buenos Aires stock exchange was closed for a national holiday on Monday.

The MerVal had sunk 24 percent in the previous seven sessions.

"Today's session was focused on price adjustments in line with the movement in ADRs," said Juan Diedrich, an analyst at Capital Markets Brokers, referring to Monday's gains in American Depositary Receipts traded in New York.

Brazilian state energy company Petrobras (APBR.BA: Cotización) jumped 27 percent to 53.30 pesos a share in Buenos Aires.

Trade volume on the broad stock market totaled a robust $59 million. Of active shares, 105 advanced, 15 declined and 10 were unchanged.

On Monday, global stocks posted record single-day gains, bouncing off five-year lows after governments in Europe adopted sweeping financial measures to quell the global credit crisis and avert a deep recession.

Washington joined European plans to pump billions of dollars into banks in a concerted effort to turn back a worldwide financial crisis.   Continuación...