March 26, 2009 / 8:54 PM / in 9 years

Argentine stocks rally, bargain hunting lifts bonds

BUENOS AIRES, March 26 (Reuters) - Argentina’s stock, currency and bond market trends on Thursday.

* MerVal stocks index .MERV closed up 3.45 percent at 1,171.43 points, in line with other global stock markets.

* Shares in energy group Pampa Energia (PAM.BA) rose 9.29 percent to end at 1 peso per share.

* “The MerVal joined the euphoric mood in international markets with a rise that spread through many sectors,” said Horacio Corneille, who runs a brokerage that bears his name.

* On the broad market, volume was a modest $17.2 million. Of active issues 53 advanced, 8 declined and 11 were unchanged.

* Argentine bonds rose, breaking a three-session run of losses on bargain-hunting by investment funds. Locally traded debt averaged a gain of 1.4 percent.

    * The peso-denominated Par bond ARPARP=RASL rose 4.8 percent, according to the ask price.

    * In formal exchange between banks, the peso weakened 0.2 percent to end at 3.695/3.6975 per dollar ARS=RASL despite central bank intervention, traders said.

    * In informal trade between foreign exchange houses, as measured by Reuters, the peso depreciated by 0.59 percent to 3.7825/3.7875 ARSB=. (Reporting by Walter Bianchi and Jorge Otaola; Writing by Helen Popper; Editing by Dan Grebler)

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