September 16, 2009 / 4:57 PM / 11 years ago

Argentine bonds jump, peso strengthens on budget

 BUENOS AIRES, Sept 16 (Reuters) - Argentina's stock,
currency and bond market trends on Wednesday.
 * Argentine bonds, stocks and peso all rose in
mid-afternoon trade, boosted by economic forecasts in the 2010
federal budget, which were seen as largely reasonable and
indicated the government might be trying to restore credibility
to its outlooks and data.
 * Bonds traded over the counter in Buenos Aires jumped for
a fourth consecutive session, by an average 1.9 percent.
 * The dollar-denominated Boden 14 ARBODEN14D=RASL soared
4.6 percent to an ask price of 28.45.
 * The peso currency also strengthened slightly against the
dollar, following a global trend of a weaker dollar, the
positive sentiment over the budget forecasts, and demand for
pesos in order to buy peso-denominated debt. The
peso-denominated Disc ARDISCP=RASL bond advanced 3.1 percent
to an ask price of 106.
 * The peso strengthened by 0.07 percent to 3.8275/3.8300
per dollar in formal interbank trade ARS=RASL, its firmest
level in more than a month.
 * In trade between foreign exchange houses, as measured by
Reuters, the peso was 0.13 percent firmer at 3.8350/3.8400
 * A market source told Reuters the Central Bank had
purchased $180 million in dollars to keep the peso from
strengthening further. The Central Bank keeps the peso from
sharp fluctuations through a managed float.
 * The MerVal benchmark stocks index .MERV jumped 2.4
percent to 1,977.13, its highest level since July last year.
 (Reporting by Walter Bianchi and Jorge Otaola, writing by
Fiona Ortiz; Editing by Leslie Adler)

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