Argentine Stocks Slide as Concern About Spain Returns

--Merval slides 2.85% on renewed concerns about Spain, EU

--Minimal trading in stocks, bonds

--Black market peso little changed

 
   By Taos Turner 
 

BUENOS AIRES--Argentine stocks slid sharply Wednesday in minimal trading on renewed concerns about Spain's ongoing economic problems.

The Merval fell 2.85% to 2461.01 in volume totaling ARS31.6 million ($6.75 million).

"With Spain's burden growing heavier..., global markets extended their cautious tone and that had a disparate impact on local assets," the brokerage Estudio Ber said in its daily market commentary.

Banks did poorly; Banco Macro (BMA.BA, BMA) led the declines, falling 5.7% to ARS9.10. Banco Frances (FRAN.BA) fell 4.3% to ARS8.80 and Grupo Financiero Galicia SA (GGAL.BA, GGAL) slipped 3.5% to ARS3.57.

The state-run oil and gas company, YPF SA (YPFD.BA, YPF), fell 4.88% to ARS81.8. The steel producer Tenaris SA (TS, TEN.MI) was unchanged at ARS130.

Bonds were mixed. The TVPP GDP warrant rose 3.32% to ARS14.98. The TVPY and the TVPA fell 0.36% to close at ARS82.95.

The peso closed at ARS4.688 to the U.S. dollar on the MAE foreign-exchange wholesale market, compared with ARS4.684 in the previous session. The dollar traded for between ARS6.33 and ARS6.37 in the black market, little changed from the previous session, according to the newspaper El Cronista.

Write to Taos Turner at [e-mail]