Argentine stocks rebound in Wall Street's wake
BUENOS AIRES, Sept 30 (Reuters) - Argentine stocks ended sharply higher on Tuesday, a day after suffering their biggest drop in more than six years, as Wall Street and other regional bourses rebounded on renewed hopes for a U.S. bailout plan.
The MerVal benchmark index .MERV closed up 3.41 percent at 1,598.17, after shedding 8.7 percent in the prior session.
The index sank 10 percent during the month of September.
"The Argentine market was very dependent on Wall Street's movement," said Leopoldo Olivari, a trader at Bacque brokerage.
On Monday, U.S. legislators rejected a $700 billion bailout plan for the financial industry in a surprise vote that sent global markets tumbling.
But investors turned optimistic a day later, betting that Washington would revive the plan after President George W. Bush and congressional leaders pledged to continue talks.
The Dow Jones industrial average .DJI surged 4.68 percent on Tuesday after shedding 7 percent a day earlier.
Trade volume on Argentina's overall market was a moderate $40.3 million. Of active shares, 35 rose, 29 fell and 14 were unchanged.
Rebounds were seen in stocks related to the oil industry, with Brazil's Petrobras APBR.BA (PETR4.SA: Cotización) rising nearly 11 percent to 70 pesos a share, and steel-tube maker Tenaris (TENA.BA: Cotización) (TS.N: Cotización) gaining 8.1 percent to 60 pesos. Continuación...