March 11, 2008 / 8:52 PM / 12 years ago

Argentine stocks rise with Wall St on Fed action

(Updates to close)

BUENOS AIRES, March 11 (Reuters) - Argentine stocks rose on Tuesday, following Wall Street’s sharp gains after the U.S. Federal Reserve said it would pump money into ailing credit markets.

The benchmark MerVal index .MERV closed up 2.08 percent to 2,144.48 points, ending a run of three sessions of losses.

The MerVal was lifted by Wall Street’s rally, led by financial shares, after the Fed said it would add up to $200 billion to strained credit markets as part of a coordinated effort with other central banks.

Traders said oil-related shares drove the relatively quiet session, with a specific interest in Tenaris TENA.BA, a top global maker of steel tubes for the oil and natural gas industry.

“The MerVal followed the euphoria in international markets, and Tenaris shares reclaimed the spotlight in terms of volume and prices,” said Hernan Labrone, a broker at Fenix brokerage.

Tenaris’s shares were up 6.14 percent to 78.6 pesos per share in Buenos Aires, and shares of Brazil’s Petrobras APBR.BA rose 4.72 percent to 183 pesos.

In the broad market, volume was a modest $24.3 million. Among active issues, 57 rose, 39 fell and 15 ended unchanged.

Government debt prices <AR/BONOS> rose 1.5 percent on average after recent steady losses. The session’s gainers were led by the dollar-denominated Boden 2014 bond, which gained 2.4 percent in over-the-counter trade.

The peso strengthened 0.16 percent to 3.1500/3.1525 per dollar ARS=RASL in formal interbank trade, where the central bank normally intervenes.

On the other hand, in informal trade between foreign exchange houses, as measured by Reuters, the peso ARSB= remained stable at 3.1700/3.1725 per dollar. (Reporting by Walter Bianchi and Jorge Otaola; Writing by Gaspard Sebag; Editing by James Dalgleish)

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