BUENOS AIRES (Dow Jones)–Argentina’s stocks eked out slim gains after spending most of Tuesday’s session lower, with local equities getting a boost from a data-fueled rally on Wall Street.
The Merval index of leading shares rose 0.1% to close at 2679.19 on volume of 26.1 million pesos ($6.1 million).
The Global X FTSE Argentina 20 ETF, which tracks shares of Argentine companies listed on international markets, rose 0.2% to close at $11.52 in New York.
U.S. markets closed firmly higher following data showing a recovery in regional factory activity and strong gains in consumer spending. European markets, however, closed lower as uncertainty about how the euro-zone will solve its growing sovereign-debt crisis.
Juan Jose Vasquez, an equity strategist at Buenos Aires-based Bull Market Brokers, said that even though stocks look cheap by historical measures, events in Europe mean buyers should be wary of putting money in the market.
«Don’t lever up and stay liquid for future buying opportunities. I wouldn’t add to existing positions until there is a resolution to [Europe],» he said.
Among local issues, banking concern Grupo Financiero Galicia SA (GGAL.BA, GGAL) rose 1.1% to ARS3.69; Banco Macro SA (BMA.BA, BMA) closed 2% higher at ARS10.05; aluminium maker Aluar Aluminio Argentino SA (ALUA.BA) rose 0.3% to ARS3.55; and electric utility holding Pampa Energia SA (PAMP.BA, PAM) fell 1.4% to ARS2.20.
Turnover on the local bond market was ARS420.6 million, accounting for 55% of the total volume of securities traded on the exchange during the session.
The Bogar 2018 lost 0.6% to close at ARS195.50, to yield 15.69%, while the Bonar X fell 1.6% to ARS381.00, yielding 10.03%.
The Boden 2015 dipped 1.6% to ARS419.00, yielding 8.04%.
The 2035 peso-denominated GDP warrant fell 0.4% to ARS14.18, while dollar GDP warrants closed 0.4% lower at ARS71.20.
The peso firmed to close at ARS4.2620 on the MAE local foreign-exchange wholesale market, compared with ARS4.2745 at Monday’s close.
-By Ken Parks, Dow Jones Newswires; 54-11-4103-6740, ken.parks@dowjones.com
Source: http://online.wsj.com