November 21, 2008 / 9:16 PM / 12 years ago

Argentine stocks continue slide as Tenaris plunges

BUENOS AIRES, Nov 20 (Reuters) - Argentine stocks fell for a fifth straight session on Friday as recent volatility in global oil prices weighed on heavyweight Tenaris.

The MerVal benchmark index .MERV slid 4.09 percent to 828.99 points, ending the week with a 18.95 percent loss and near a low for the year.

Shares in Tenaris TENA.BA, the world’s leading producer of seamless steel tubes for the energy industry, fell 9.45 percent to close at 29.7 pesos

“The volatility in commodity prices affected Tenaris and other shares linked to the sector,” said Hernan Labrone, an analyst at Fenix Compania Financiera.

A dau after tumbling 7 percent, global oil prices rose 1 percent on Friday as stock markets around the world recovered from early lows caused by continuing economic gloom.

On the broad market in Buenos Aires, volume was a muted $17.4 million, with 60 percent of trade in Tenaris shares. Of active issues, 9 advanced, 44 declined and 7 were unchanged.

Argentine debt rose as investors bargain hunted after recent losses.

Locally traded government bonds rose 1.6 percent on average after falling 2.8 percent in the last two sessions, led by a 2.5 percent rise in the dollar-denominated Disc bond ARDISCD=RASL.

On the foreign exchange market, the peso closed weakened 0.15 percent to 3.3325/3.335 per dollar ARS=RASL in formal interbank trade. The currency gained 0.07 percent to 3.3725/3.3775 per dollar ARSB= in informal trade between foreign exchange houses, as measured by Reuters. (Reporting by Walter Bianchi; Writing by Kevin Gray)

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