Argentine stocks closed at an all-time high on Friday in light trade amid selective buying by institutional investors, traders said. The benchmark MerVal index of 13 leading shares rose 0.51 percent to 1,943.63, surpassing a previous record close of 1,943.07 reached on April 24.
The market hit the record on the day's final operation after spending most of the day flat with limited trade in part because of the Thanksgiving holiday weekend in the United States. "A firming in Tenaris and some buys in Group Financiero Galicia," said Dioniso Coreille, head of the brokerage carrying the same name.
Volume was a slack 39.3 million pesos ($12.7 million). Blue chip Tenaris, the world's biggest producer of seamless steel tubes for the petroleum industry, rose 1.15 percent to 70.50 pesos. Investment group Pampa Holding led gainers, rising 4.03 percent to 1.55 pesos after announcing a capital increase for its energy businesses, traders said. "In the short term, the Merval's tendency will depend on international markets, which hint at the possibility of correction," Corneille said.
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