November 19, 2007 / 8:47 PM / 13 years ago

Argentine stocks, bonds slide in line with Wall St

BUENOS AIRES, Nov 19 (Reuters) - Argentine stocks and bonds slid on Monday, pulled down by U.S. stocks, which suffered from new fallout from mortgage-related losses.

The MerVal index .MERV of the 25 leading stocks slumped 1.64 percent to 2,243.53 points in heavy volume of $71 million. Of active issues 22 advanced, 51 declined and 13 were unchanged.

Among the top percentage losers was market bellwether Tenaris TENA.BA, which fell 3.03 percent to 73.3 pesos per share. Tenaris, a global leader in seamless steel tubes for the oil and gas industry, is weighted as 14.66 percent of the MerVal.

Government debt fell 1.5 percent on average on the domestic market, led by a 2.6 percent fall in the peso-denominated Discount bond.

“The fall in regional markets has to do with the international movement, where risk aversion damages emerging markets,” said Antonio Cejuela, chief of economic research at Puente Hermanos brokerage in Buenos Aires.

“Given that context the market starts to discount an interest rate cut (by the U.S. Federal Reserve) and close out positions in some emerging assets,” he said.

The peso closed flat in interbank trade controlled by the central bank, at 3.1300/3.1325 per dollar ARS=RASL. In informal trade between foreign exchange houses, as measured by Reuters, the peso gained 0.08 percent to 3.1500/3.1525 per dollar ARSB=. (Reporting by Walter Bianchi and Jorge Otaola; writing by Fiona Ortiz; Editing by James Dalgleish)

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