Argentine stocks slide as commodity prices tumble

miércoles 19 de marzo de 2008 17:55 ART

BUENOS AIRES, March 19 (Reuters) - Argentine stocks slumped on Wednesday as oil-related shares fell amid a sharp fall in international crude oil prices and other raw materials.

The benchmark MerVal index .MERV closed down 3.24 percent to 2,014.06 points, with Tenaris, Petrobras Particip

"The sharp drop of raw materials, especially oil" affected the MerVal, said Marcelo Paccione, an analyst at ConsultCapital brokerage.

Many of the MerVal's heavyweights are linked to raw materials.

U.S. crude oil futures slid more than $6 a barrel after worries about the economy overshadowed bullish weekly data.

The MerVal followed a part of Wall Street's fall as a sharp drop in commidity prices hit shares of natural resources companies and investors sold stocks to take profit after Tuesday's U.S. Federal Reserve-aided rally.

In Argentina, the session's losers were led by Brazil's Petrobras APBR.BA, which plumetted 8.82 percent to 156.7 pesos.

Index heavyweight Tenaris (TENA.BA: Cotización), a top global producer of steel tubes for the natural gas and oil industry, which shed 6.93 percent to 72.5 pesos per share, and Petrobras Energia Participaciones PCH.BA, a branch of Brazil's Petrobras, which stooped 6.38 percent to 3.37 pesos.

On the broad market, volume was a healthy $41.1 million. Of the active issues, 53 declined, 17 advanced and 16 ended unchanged.   Continuación...