March 6, 2009 / 9:32 PM / 11 years ago

Argentine stocks rise on banking shares, Tenaris

BUENOS AIRES, March 6 (Reuters) - Argentina’s stock, currency and bond market trends on Friday.

* MerVal stocks index .MERV rose 1.06 percent to 965.02 points as investors bought banking shares after recent losses and a rise in global oil prices pushed up index heavyweight Tenaris.

* Banco Patagonia BPAT.BA rose 3.01 percent to 1.37 pesos and Tenaris TENA.BA, which makes steel pipes for the energy industry, climbed 2.59 percent to 29.75 pesos.

* On the broad market volume was a light $8.2 million. Of active issues, 26 advanced, 18 declined and 10 were unchanged.

* Government bonds traded over-the-counter in Buenos Aires fell on investor worries over the global economic crisis. Bonds shed 0.9 percent on average in moderate trade, reversing early gains in the session..

* Dollar-denominated “Disc” bonds ARDISC=RASL slumped 3.6 percent.

* The Argentine peso shed 0.21 percent to end at 3.63/3.6325 to the dollar ARS=RASL in formal exchange between banks, and the central bank sold some $50 million in dollars to prevent the currency from weakening further, traders said.

* The peso fell 1.79 percent this week and has lost 4.89 percent so far this year. Traders say the central bank is allowing a gradual depreciation of the peso to ensure Argentine exports remain competitive in Brazil, Argentina’s biggest trade partner.

* In informal trade between foreign exchange houses, as measured by Reuters, the peso strengthened 0.13 percent to end at 3.715/3.72 ARSB=. (Reporting by Jorge Otaola; Writing by Kevin Gray)

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