April 16, 2008 / 9:01 PM / 12 years ago

Argentina stocks boosted by crude, global upswing

BUENOS AIRES, April 16 (Reuters) - Argentine stocks rallied on Wednesday due to optimism in other global markets and a rise in oil prices that boosted energy-related shares, while bonds turned lower on late profit-taking, traders said.

The benchmark MerVal stock index .MERV rose 1.89 percent to 2,161.54 points.

Global stocks rose sharply after reassuring results at such United States bellwethers as Intel Corp and JPMorgan Chase & Co, and oil surged to an intraday record of over $115 per barrel.

“(The Buenos Aires) market is reestablishing oil-related shares on top amid fresh crude oil record prices,” said Marcelo Paccione, an analyst at ConsulCapital brokerage.

Market heavyweight Tenaris TENA.BA, the top producer of seamless steel tubes for the energy industry, surged 5.6 percent to 84.8 pesos per share.

“Tenaris has been very quiet over the past few days and it is only natural that it’s making up for lost time,” Paccione said.

Shares in Socotherm SOC.BA, which coats tubes used in the energy industry, soared 8.81 percent to 17.9 pesos.

On the broad market, volume remained relatively high at $40.1 million. Of the active issues, 49 advanced, 22 declined and 13 ended unchanged.

Meanwhile, on the debt market, government bonds <AR/BONOS> fell 0.5 percent on average after profit-taking reversed early gains. The session’s losers were led by the peso-denominated Discount bond, which shed 1.0 percent, and Boden 2014, denominated in dollars, which dropped 1.2 percent.

Meanwhile, the peso weakened 0.16 percent to 3.1650/3.1675 ARS=RASL per dollar in formal interbank trade, where the central bank regularly intervenes.

In informal trade between foreign exchange houses, as measured by Reuters, the peso ARSB= depreciated 0.24 percent to 3.1950/3.1975. (Reporting by Walter Bianchi and Jorge Otaola; Writing by Gaspard Sebag)

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