March 5, 2009 / 8:48 PM / 11 years ago

Argentine stocks slide with Wall Street, peso mixed

BUENOS AIRES, March 5 (Reuters) - Argentina’s stock, currency and bond market trends on Thursday.

* MerVal stocks index .MERV fell 3.18 percent to 954.81 points as investors pocketed profits a day after stocks soared 6.03 percent. A slide in U.S. stocks and news U.S. auto giant General Motors could face bankruptcy also weighed on shares.

* Shares of index heavyweight Tenaris TENA.BA, which makes steel pipes for the energy industry and accounts for more than one-third of the MerVal’s weighting, slid 5.07 percent to 29 pesos.

* On the broad market volume was a meager $9 million. Of active issues, 8 advanced, 43 declined and 9 were unchanged.

* Worries about the global economy pushed government over-the-counter bonds traded in Buenos Aires lower. Bonds slid 1.0 percent on average in light trade.

* Dollar-denominated “Disc” bonds ARDISC=RASL shed 4.3 percent. “There is a lot of worry about what’s happening abroad,” one trader said.

* On the foreign exchange market, the Argentine peso weakened 0.14 percent to 3.6225/3.625 in formal exchange between banks, where the central bank regularly intervenes to avoid abrupt swings ARS=RASL.

* Exporters have held off on cashing in their earnings as the currency has weakened gradually in recent weeks.

* In informal trade between foreign exchange houses, as measured by Reuters, the peso gained 0.07 percent to end at 3.72/3.725 ARSB=, hovering at levels last seen in October 2002. (Reporting by Jorge Otaola; Writing by Kevin Gray, Editing by Chizu Nomiyama)

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