RPT-Argentine stocks dip, oil shares help brake slide

martes 19 de agosto de 2008 18:32 ART
 

(Repeats to fix typo in headline)

BUENOS AIRES Aug 19 (Reuters) - Argentine stocks slumped on Tuesday despite a rebound in energy-related shares stoked by a rise in global oil prices, while bond prices slipped on profit-taking.

The benchmark MerVal stocks index .MERV shed 0.34 percent to close at 1,727.78 points, accumulating a 0.87 percent loss over the last three sessions.

Trade volume on the overall market was a thin $16.9 million.

"The rebound in oil helped the MerVal from falling farther along with other external markets," said Marcelo Paccione, an analyst at ConsultCapital.

He said investor optimism the government may make changes in its widely discredited national statistics agency also helped to limit the market's losses.

President Cristina Fernandez is facing increasing criticism the government is under-reporting consumer price rises to slash payments on inflation-linked debt.

Brazil's state-run energy firm Petrobras (APBR.BA: Cotización) rose 2.66 percent to 77 pesos. Index heavyweight Tenaris (TENA.BA: Cotización), the world's leading producer of seamless steel tubes for the energy industry rose 2.42 percent to 80.40 pesos.

Argentine bonds traded on the domestic market fell on average 0.4 percent in over-the-counter trade as investors cashed in on recent gains amid a government debt buyback.   Continuación...