(Adds closing prices, trade volume on stocks, fresh comment)
BUENOS AIRES, Oct 14 (Reuters) - Argentine stocks soared 11 percent on Tuesday, enjoying their biggest one-day gain since January 2002 as the local market tracked global gains from a day earlier.
The MerVal index of leading shares .MERV ended up 10.99 percent at 1,349.69 points, after the Buenos Aires stock exchange was closed for a national holiday on Monday.
The MerVal had sunk 24 percent in the previous seven sessions.
"Today's session was focused on price adjustments in line with the movement in ADRs," said Juan Diedrich, an analyst at Capital Markets Brokers, referring to Monday's gains in American Depositary Receipts traded in New York.
Brazilian state energy company Petrobras (APBR.BA) jumped 27 percent to 53.30 pesos a share in Buenos Aires.
Trade volume on the broad stock market totaled a robust $59 million. Of active shares, 105 advanced, 15 declined and 10 were unchanged.
On Monday, global stocks posted record single-day gains, bouncing off five-year lows after governments in Europe adopted sweeping financial measures to quell the global credit crisis and avert a deep recession.
Washington joined European plans to pump billions of dollars into banks in a concerted effort to turn back a worldwide financial crisis.
Argentina's peso, which slumped last week as savers rushed for safe-haven dollars, also recovered some lost ground.
In informal trade between foreign exchange houses, as tracked by Reuters, the peso strengthened 3.4 percent to end at 3.2450/3.2550 per U.S. dollar ARSB=.
In formal trade between banks ARS=RASL, where the central bank intervenes directly, the peso closed 0.85 percent firmer at 3.1925/3.1950 per dollar.
Argentine bonds traded locally ended up 3.7 percent on average in over-the-counter trade, buoyed by a 12 percent surge in the price for dollar-denominated Boden 2014s ARBODEN14D=RASL, according to the ask price.
Local debt prices had sunk nearly 23 percent in the first 10 days of October amid global market turmoil and despite the government's announcements that it planned to repay its defaulted debt to the Paris Club and might launch a swap for "holdout" creditors who rejected a 2005 restructuring.
Argentine debt spreads against similar U.S. Treasuries narrowed 99 basis points to 1,259, according to the JPMorgan emerging markets bond index 11EMJ. (Reporting by Jorge Otaola and Walter Bianchi; Writing by Helen Popper and Hilary Burke; Editing by Leslie Adler)