Argentine stocks slide on oil prices, U.S. bailout

viernes 26 de septiembre de 2008 18:20 ART
 

BUENOS AIRES, Sept 26 (Reuters) - Argentine stocks closed lower on Friday as a drop in global oil prices pushed down energy-related shares and investors fretted over delays in a U.S. bailout plan for the ailing financial sector.

The MerVal index of leading shares .MERV shed 0.91 percent to close at 1,692.4 points, but finished the week with a 1.8 percent gain.

On Wall Street, U.S. stocks ended mostly higher as big bank shares staged a late rally on hopes lawmakers would reach an agreement on a $700 billion financial-sector rescue plan this weekend.

"The MerVal didn't follow suit because of the oil-linked shares," said Ruben Pasculi, a trader at Mayoral Bursatil.

Oil settled more than $1 lower on Friday, with trading volatile due to uncertainty over the U.S. bailout package.

In Buenos Aires, locally traded shares in Brazilian state-run oil company Petrobras APBR.BA(PETR4.SA: Cotización) fell 2.51 percent to 73.8 pesos.

Index heavyweight Tenaris TENA.BATS.N, the world's leading producer of seamless steel tubes for the oil industry, shed 3.46 percent 66.9 pesos.

Trade volume on the overall market was $35.5 million. Of active shares, 44 fell, 42 rose and 21 were unchanged.

Argentine bond prices also slipped on jitters over the U.S. bailout plan. Locally traded government bonds fell 0.9 percent on average in over-the-counter trade, led by a 2.3 percent drop in the peso-denominated Par bond ARPARP=RASL.   Continuación...