February 5, 2009 / 8:38 PM / 11 years ago

Argentine stocks pulled 2.93 pct higher by Tenaris

BUENOS AIRES, Feb 5 (Reuters) - Argentine stocks rose on Thursday, led by a nearly 7 percent gain in energy blue-chip Tenaris TENA.BA.

Rising U.S. markets, propelled by hopes for the Obama administration’s financial rescue plan, added to the momentum in Argentine shares, traders said.

Tenaris, which makes tubes for the oil industry, would benefit from an improvement in the global economy.

The benchmark MerVal index .MERV rose 2.93 percent to 1,110.72 points. The index has risen 5 percent over the last three days.

Argentine government bonds traded over-the-counter in Buenos Aires fell 0.4 percent on average in a round of profit-taking, extending losses of 2.5 percent seen over the last four trading days.

The peso currency stayed in a tight range on Thursday after days of steady weakening. The central bank sold dollars to control the fall of the local currency, traders said.

In formal exchange between banks the peso edged 0.07 percent higher to 3.485/3.4875 per dollar ARS=RASL. In informal trade between foreign exchange houses, as measured by Reuters, the peso fell 0.21 percent to end at 3.55/3.555 ARSB=. (Reporting by Walter Bianchi; Editing by Leslie Adler)

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