October 14, 2008 / 3:19 PM / 12 years ago

Argentine stocks soar 12 pct in post-holiday rally

(Adds peso trading, background)

BUENOS AIRES, Oct 14 (Reuters) - Argentine stocks .MERV rallied 12 percent on Tuesday, mirroring the global market rally that took place on Monday when the Buenos Aires stock exchange was closed for a national holiday.

The benchmark MerVal index was up at 1,362.69 points in midday trade, erasing half of the 24 percent loss it racked up in the last seven sessions.

“The MerVal reacted according to the more relaxed situation of investors following the decisions of the different worldwide institutions,” said Hernan Labrone, an analyst at the Fenix Compania Financiera brokerage.

Globally, stocks soared for a second day Tuesday after 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 of its lost ground in morning trade.

In informal trade between foreign exchange houses, as tracked by Reuters, the peso was up 3.69 percent at 3.24/3.25 per U.S. dollar ARSB=.

In formal trade between banks ARS=RASL, where the central bank intervenes directly, the peso was 0.55 percent firmer at 3.205/3.2075 per dollar.

On Monday, when Argentine markets were closed, global stocks surged to record single-day gains bouncing off 5-year lows, after governments in Europe adopted sweeping financial measures to quell the global credit crisis and avert a deep recession. (Reporting by Jorge Otaola and Walter Bianchi; Writing by Helen Popper, Editing by Walker Simon)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below