Argentine shares rose to a record high on Friday amid general investor optimism over a recovering economy and bargain hunting by investors after falls in previous sessions, traders said.
The MerVal leading share index closed up 2.75 percent at 1,101.51 points. Turnover was strong, at 55.6 million pesos ($18.9 million).
The MerVal ended the year up about 105 percent as Argentina's economy recovers thanks to booming agricultural exports and a rise in consumer spending. Investors expect the economy to continue growing in 2004.
Some traders said the MerVal could soon rise to some 1,200 points.
"The market has seen new purchases by those trying to get back into the game after sales at the end of the year," said Jorge Alberti, a trader at Elaccionista.com.
Argentina's peso closed slightly stronger at 2.94/2.95 per dollar, a rise of 0.34 percent on the previous session. Following its customary policy, net dollar purchases by the central bank totalled $35 million on Friday in an effort to keep the peso weak.
The peso strengthened 13.85 percent in 2003. Traders expect it to hover around 3 per dollar this year as the central bank maintains a relatively weak currency to boost the country's exports.
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