April 29, 2009 / 9:03 PM / 11 years ago

Argentine peso slumps near seven-year low, stocks up

BUENOS AIRES, April 29 (Reuters) - Argentina’s stock, currency and bond market trends on Wednesday:

* The Argentine peso fell to its lowest level since 2002 in the formal market amid strong dollar demand from companies worried the currency may weaken further, traders said. In formal exchange between banks, the peso ARS=RASL retreated 0.13 percent to 3.72/3.7225 per dollar.

* In informal trade between foreign exchange houses as measured by Reuters, the peso shed 0.07 percent to end at 3.7425/3.7475 ARSB=.

* The MerVal stocks index .MERV followed Wall Street higher, climbing 2.15 percent to 1,270.16 points. U.S. stocks climbed after the Federal Reserve said the economic outlook in the United States had improved modestly since its last meeting in March.

* Buenos Aires-listed shares of Brazil’s state-run energy company Petrobras APBR.BA gained 4.29 percent to 64.4 pesos per share.

* Prices for government bonds traded over the counter in Buenos Aires rose 0.5 percent on average, helped by the gains on Wall Street.

* Peso-denominated Par bonds ARPARP=RASL rose 1.2 percent, according to the ask price. (Reporting by Walter Bianchi and Jorge Otaola; Writing by Kevin Gray; Editing by Diane Craft)

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