BUENOS AIRES (Dow Jones)–Argentine stocks rose in tandem with U.S. and European markets Thursday after the European Central Bank joined with other central banks to say they would give dollar loans to commercial banks to boost credit.
The Merval index rose 0.76% to 2771.28 points in volume totaling ARS36.5 million ($8.7 million).
The central banks’ actions helped to alleviate fear of a deepening financial crisis in Europe and concern it could spread and weaken the global economy.
Petrobras Argentina SA (PESA.BA) led the gains by rising 2.9% to ARS7.47. Tenaris SA (TS, TEN.MI) rose almost 2.4% to ARS71.15 but its sister steel company, Siderar SA (ERAR.BA, SDDFF), fell almost 1% to ARS25.10.
The Global X FTSE Argentina 20 ETF, which tracks shares of Argentine companies listed on international markets, rose 1.48% to $11.69 in New York.
Bonds were mainly higher but instruments tied to gross domestic product declined. The price of the TVPA 2035 GDP warrant fell 1.69% to ARS72.50.
The benchmark peso-denominated 2033 bond was unchanged at ARS150, yielding around 10.5%.
The peso closed at ARS4.2035 on the MAE local foreign-exchange wholesale market, compared with ARS4.203 previously.
Source: online.wsj.com