Argentine stocks closed mostly steady in cautious trade on Friday as the market digested gains from a calmer investment environment in Brazil and strong growth in the Argentine economy.
The MerVal index of the leading 12 stocks gained 0.18 percent to 1,603.75. The index rose 2 percent since Tuesday and is up 16.6 percent so far this year.
Trade volume was moderate at 78 million pesos ($26 million).
"The market had very little movement as it digested the recent gains. Without news, it is difficult to prolong the reaction," said Adrian Mayoral, trader at Mayoral Bursatil brokerage. Brazil's Bovespa edged up just 0.05 percent after two days of strong gains as Finance Minister Antonio Palocci assured investors he was staying in the government despite criticism of his policies and corruption allegations.
BBVA Banco Frances gained 0.5 percent to 7.90 pesos on renewed rumours that its Spanish parent BBVA will launch a take-over for its Argentine subsidiary's publicly listed shares.
The bank said it will not comment on rumours. In the foreign exchange market, the peso closed 0.08 percent firmer at 2.9725/2.975 per dollar in a market awash with dollars due to export revenue and incoming investment, traders said.
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