By Taos Turner
BUENOS AIRES--Argentine stocks fell sharply Thursday, reacting
to negative market news from the U.S. over the past two days.
Argentine markets were closed Wednesday for a holiday.
The benchmark Merval stock index fell 4.4% to 3,124.37 in volume
totaling almost ARS65 million ($13 million).
"With Wall Street invaded by a negative tone, and after the
worrisome reading of the minutes of [the Federal Reserve] regarding
the future of monetary stimulus, local assets had no choice but to
adjust themselves to all of this after the holiday," analyst
Gustavo Ber said in his daily commentary.
All Merval stocks fell on Thursday.
The steel producer Siderar SAIC (ERAR.BA) led the declines,
plunging over 7% to ARS1.79. Its sister company, Tenaris SA
(TEN.MI, TS), fell the least, dropping 1.5% to ARS155.40.
The most heavily traded stock was the state-run oil company YPF
SA (YPFD.BA), which fell over 6% to ARS127.
The AA17 2017 bond fell 1.3% to ARS633.50 while the benchmark
discount bond fell 2.24% to ARS137.75.
Argentina's black market peso was weaker at ARS7.83 to the
dollar, according to the financial daily El Cronista.
Argentina strictly rations the sale of dollars and other
currencies, forcing many people into the black market if they
really need other currencies for travel or to save.
The official exchange rate closed at ARS5.0295 on the MAE
wholesale currency market, compared with ARS5.0225 in the previous
session.
Write to Taos Turner at taos.turner@dowjones.com