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Argentine stock prices closed higher on Friday for the third consecutive day as hopes grew that the government would improve its debt restructuring offer to holders of $100 billion in defaulted debt.
The MerVal index ended 1.05 percent up at 986.55 points for an accumulated rise in the first three days of the month of 3.6 percent. Stocks are still down 8 percent this year.
Volume was a healthy 61 million pesos ($20 million) and traders said local pension and mutual funds were quite active.
A change in tactics was registered Wednesday night when Economy Minister Roberto Lavagna said those who accept the government's offer will receive 100 percent of funds set aside for the restructuring, leaving no money for holdouts.
Newspapers reported on Friday that the government could buy back some of the new debt shortly after it is issued.
The moves could provide an incentive for more bondholders to participate in the swap, which stems from Argentina's default following an economic meltdown in 2001-02.
Telephone company Telecom led the gainers with a rise of 4.3 percent to 5.82 pesos, followed by BBVA Banco Frances with a 3.0 percent increase to 5.45 pesos.
The peso closed 0.17 percent stronger at 3.0075/3.0125 per dollar. The currency has been stable for the last year as the government aims for a peso of around 3 per dollar to favour exports.

Copyright Reuters, 2004

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