December 12, 2008 / 9:33 PM / 12 years ago

Argentine stocks rebound with Wall St, peso mixed

BUENOS AIRES, Dec 12 (Reuters) - Argentine stocks rebounded from early losses to closer higher on Friday as investors regained optimism over a possible bailout for U.S. automakers.

The benchmark MerVal index .MERV rose 0.78 percent to close at 1,098.2, accumulating a 18.7 percent gain over the last eight sessions.

The MerVal fell in early trading along with markets around the world after the U.S. Senate failed to approve the autos bailout, stoking fears that a global recession could deepen.

In a move that lifted Wall Street, the White House later said it could be willing to provide emergency funding to the struggling auto industry.

“The MerVal changed direction after the government said it would consider rescuing the automakers,” said Luis Corsiglia, director of Corsiglia y Compania brokerage.

On the broad market volume was light at $14.3 million and of active issues 27 advanced, 23 declined and 6 were unchanged.

Media and telecommunications company Grupo Clarin CLA.BA led gainers, rising 9.53 percent to 5.4 pesos, followed by Grupo Financiero Galicia GFG.BA, a leading Argentine banking conglomerate, which climbed 7.5 percent to 0.77 pesos.

Investor worries over the U.S. automaker bailout pushed Argentine debt traded on the local market lower. Bonds fell 0.7 percent on average, led by a 3.9 percent loss in the dollar-denominated Bonar 2013 bond,

On the foreign exchange market, the peso closed mixed.

In formal trade between banks the peso currency fell 0.44 percent to 3.4225/3.4250 per dollar <ARS=RASL.

In trade between foreign exchange houses, as measured by Reuters, the peso rose 0.07 percent to 3.4675/3.4725 per dollar ARSB=. (Reporting by Jorge Otaola and Walter Bianchi; Writing by Kevin Gray; Editing by James Dalgleish)

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