Argentine stocks, bonds dip on US bailout worries

miércoles 24 de septiembre de 2008 18:02 ART
 

BUENOS AIRES, Sept 24 (Reuters) - Argentine stocks, bonds and the peso currency all fell on Wednesday on investor worries about delays in a U.S. government bailout plan to rescue American banks saddled with bad debt.

The MerVal index of leading shares .MERV closed 0.04 percent lower at 1,655.81 points.

"With the U.S. financial rescue package in a holding pattern, investment funds unloaded some of their positions," said Claudio Szlaien, an analyst at Marlon Recursos Financieros.

Index heavyweight Tenaris (TENA.BA: Cotización)(TS.N: Cotización), the world's leading producer of seamless steel tubes for the oil industry, fell 4.62 percent to 68.1 pesos.

Trade volume on the overall market was $25.7 million. Of active shares, 51 fell, 45 gained and 19 were unchanged.

Investor concerns about the proposed $700 billion bailout of the U.S. financial sector also weighed on the Argentine debt market where locally traded government bonds shed 1.6 percent on average in over-the-counter trade.

The peso-denominated Par bond ARPARP=RASL led losers, shedding 3.7 percent.

The peso was also pressured lower on the unease.

The currency, which is heavily controlled by the Central Bank, weakened 0.24 percent to 3.105/3.1075 per dollar ARS=RASL in formal interbank trade. In informal trade between foreign exchange houses, as measured by Reuters, the peso closed down at 3.155/3.1575 per dollar ARSB=. (Reporting by Jorge Otaolai; Writing by Kevin Gray; Editing by Leslie Adler)