Argentina's Stocks Slide; Black-Market Peso Steady

   By Taos Turner 
 

BUENOS AIRES--Argentine stocks fell in low-volume trade Thursday while the black-market peso held steady.

The Merval index slid 1.06% to 3,426.44 in volume totaling ARS38.4 million ($7 million).

Steel producer Siderar SAIC (ERAR.BA) led the declines, falling 3.6% to ARS2.14. The most heavily traded stock was its sister steel company, Tenaris SA (TEN.MI, TS), which slid 0.1% to ARS184.25. It was followed by the state-run oil producer YPF (YPF, YPFD.BA), which fell 3.2% to ARS137.

The TVPA GDP warrant, whose performance is linked to economic growth, fell 1.08% in price terms to ARS69.

Argentina's black-market peso was unchanged at ARS8.58 per U.S. dollar.

For the most part, Argentina bans the purchase of dollars, so people and companies that need the U.S. currency often turn to an underground currency market where they can get them for a premium.

In the formal currency market, the peso traded for ARS5.4810 against the dollar on the regulated MAE foreign-exchange wholesale market, versus ARS5.4630 the previous day.

Write to Taos Turner at [e-mail]