BUENOS AIRES (Dow Jones)–Argentina’s stocks on Thursday closed lower, led by financial and materials shares, though strong gains in U.S. and European markets on hopes of a successful Greek debt swap lifted local bonds.
The benchmark Merval equity index fell 0.1%, to 2683.96, on volume of 58.5 million pesos ($13.5 million).
The Global X FTSE Argentina 20 ETF, which tracks shares of Argentine companies listed on international markets, rose 2.1%, to close at $11.24 in New York.
Shares of banking concern Grupo Financiero Galicia SA (GGAL, GGAL.BA) fell 3.2%, to ARS3.35, Banco Macro SA (BMA, BMA.BA) lost 1.2%, to finish at ARS9.68, and cross town rival BBVA Banco Frances SA (BFR, FRAN.BA) dropped 2.1%, to ARS9.55.
Steel maker Siderar SA (ERAR.BA) fell 3.2%, to ARS1.82, and food processing company Molinos Rio de la Plata SA (MOLI.BA) plunged 7.5%, to ARS25.25.
Shares of energy companies posted strong gains, with the country’s largest oil and gas producer, YPF SA (YPF, YPFD.BA), rising 3.2%, to ARS138.80, steel tube maker Tenaris SA (TS, TS.BA) closing 4.4% higher, at ARS99.00, and oil company Petrobras Argentina SA (PZE, PESA.BA) up 0.8%, to ARS6.55.
Turnover on the local fixed-income market was ARS458.4 million, accounting for 63% of the total volume of securities traded on the exchange during the session.
The Bonar X rose 0.7% in price terms to close at ARS441.50, yielding 7.39%. The Bogar 2018 closed 1.6% higher, at ARS230.00, to yield 11.01%.
The 2033 Discount bond fell 2.3%, to ARS135.00, pushing yields up to 12.46%.
The Boden 2015 rose 0.7%, to ARS478.25, yielding 4.86%.
The 2035 peso-denominated GDP warrant rose 0.3%, to close at ARS13.30, while dollar GDP warrants rose 0.5%, to ARS66.30.
The peso weakened to close at ARS4.3385 to the U.S. dollar on the MAE local foreign-exchange wholesale market, compared with ARS4.3365 at Wednesday’s close.
The central bank regularly intervenes in the foreign exchange market to buy dollars and to keep the peso on a slow path of depreciation against the U.S. dollar.
Puente brokerage said in its afternoon note that $351 million was traded on the local foreign-exchange market, with the central bank buying just over $100 million in dollars.
-By Ken Parks, Dow Jones Newswires; 54-11-4103-6740, ken.parks@dowjones.com
Source: online.wsj.com