April 7, 2009 / 11:22 PM / 11 years ago

Argentine stocks drop with oil, bonds slump

BUENOS AIRES, April 7 (Reuters) - Argentina’s stock, currency and bond market trends on Tuesday.

* The MerVal stocks index .MERV slumped 2.98 percent to 1,149.74 points, following Wall Street losses.

* Tenaris TENA.BA, which makes steel products for the oil industry and is weighted as almost half of the MerVal, gave up 4.48 percent to 40.45 pesos per share as oil prices slipped.

* On the broad market, stocks volume was weak at $7 million. Of active issues, 15 advanced, 38 declined and 13 were unchanged.

* Prices for government bonds traded over-the-counter in Buenos Aires fell 0.7 percent on average.

* The 2038 Par bond in pesos slid 4.4 percent to an ask price of 17.20.

* In formal exchange between banks, the peso rose for a fourth consecutive section, gaining 0.07 percent to 3.7625/3.6750 per dollar ARS=RASL as grains exporters brought dollars into the market due to government policies that have encouraged farmers to let go of soy stocks.

* In informal trade between foreign exchange houses, as measured by Reuters, the peso inched down by 0.20 percent to 3.7050/3.7100 ARSB=. (Reporting by Jorge Otaola and Walter Bianchi, writing by Fiona Ortiz)

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