Argentine stocks rise on U.S. economy stimulus plan hopes

jueves 24 de enero de 2008 19:33 ARST
 

(Updates with markets closed)

BUENOS AIRES Jan 24 (Reuters) - Argentine stocks closed sharply higher on Thursday, mirroring a rebound in global markets on revived investor optimism over U.S. government efforts to stimulate the world's biggest economy.

The MerVal index .MERV of 42 leading companies closed 3.97 percent higher at 1,966.46 points, rebounding from a 2.96 percent loss a day earlier when global markets were roiled by concerns the U.S. economy is headed for a recession.

On Thursday, U.S. lawmakers agreed on the outlines of an economic stimulus package, first announced last week, that would grant tax rebates. Expectations a rescue plan for U.S. bond insures will help avert further credit losses also helped push prices higher.

"The (news) from the United States helped the MerVal rebound with oil-related shares leading the way," said Dionisio Corneille, trader at a firm that bears his name.

"The Argentine market should have risen even higher since it was one of the most affected in recent weeks," he added.

This week, the Argentine stock market fluctuated strongly due to fears of a U.S. recession, accumulating a 1.8 percent loss during the last four sessions.

On the broad market, volume was $48.4 million, while 60 issues advanced, 13 retreated and five remained unchanged.

Buenos Aires-listed shares of Petrobras Brazil (APBR.BA: Cotización) soared 10.2 percent to close at 162 pesos, while Tenaris (TENA.BA: Cotización) (TS.N: Cotización), the major producer of tubes for the oil industry, climbed 6.14 percent to 60.5 pesos.   Continuación...