BUENOS AIRES (Dow Jones)–Argentine stocks closed lower Wednesday as concern about a weak global economic outlook drained investor confidence.
The Merval fell 0.23% to 3308.75 points. Volume was ARS50.4 million ($12 million).
«The market performed basically inline with the U.S. market except that it didn’t close positively,» said Juan Jose Vasquez, an analyst at Bull Market Brokers.
The oil and gas company YPF SA (YPFD.BA, YPF) led the declines, falling about 3% to ARS173.50.
«I’m not sure if YPF fell because of the decline in oil prices or if it was more related to earnings,» Vasquez said.
YPF said Friday its second-quarter profit plunged 39% on the year as a series of strikes shut down refinery operations.
Net profit during the second quarter totaled 980 million pesos ($240 million), down from ARS1.6 billion a year earlier.
The steel producer Tenaris SA (TS, TEN.MI) fell 1.7% to ARS90.60. Tenaris makes tubes used in the oil industry and often rises or falls inline with oil prices.
«Tenaris was down because of concerns about a recession in the U.S.,» Vasquez said.
Petrobras Argentina SA (PESA.BA, PZE) led the gains by rising 3% to ARS8.55.
«Petrobras’s parent company has been getting rid of assets in the region,» said Vasquez.
Petroleo Brasileiro SA (PBR) is reportedly considering the sale of assets in Argentina as part of a broader plan to raise $13.6 billion to fund offshore exploration in Brazil.
The Global X FTSE Argentina 20 ETF, which tracks shares of Argentine companies listed on international markets, fell 1.17% to $14.31 in New York.
The benchmark peso-denominated 2033 bond rose 0.79% to ARS164.3, yielding about 9.3%.
The peso weakened to ARS4.1515 to the U.S. dollar on the MAE local foreign-exchange wholesale market, compared with ARS4.1450 previously.
-By Taos Turner, Dow Jones Newswires; 5411-4103-6728; taos.turner@dowjones.com
Fuente: online.wsj.com