Argentine stocks closed unchanged on Friday, resisting declines in major markets due to optimism over an upcoming US court ruling that could clear the way for the country's debt swap, traders said. The MerVal index of the 11 leading stocks ended steady at 1.354.68 after a volatile but low-volume session. The index has fallen 3.27 percent in the month of April. The Argentine market is nervously awaiting a US appeals court decision, due next week, on whether or not to lift a freeze on $7 billion in old Argentine bonds.
The freeze was ordered by a US district court judge on March 21 at the request of two creditors who rejected the government's debt swap offer and seek a better deal in court.
The freeze has delayed completion of the swap, originally scheduled for April 1. But most analysts expect the judge to rule in Argentina's favour.
Trade volume totalled 52.6 million pesos ($18.1 million).
A key gainer on the MerVal was Banco Frances, which rose 2.16 percent to 6.13 pesos. But Group Financiero Galicia tempered the gains with a loss of 0.92 percent to 2.15 pesos.
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