Argentinas MerVal stocks index rose 1.06 percent to 965.02 points on Friday as investors bought banking shares after recent losses and a rise in global oil prices pushed up index heavyweight Tenaris. Banco Patagonia rose 3.01 percent to 1.37 pesos and Tenaris, which makes steel pipes for the energy industry, climbed 2.59 percent to 29.75 pesos.
On the broad market volume was a light $8.2 million. Of active issues, 26 advanced, 18 declined and 10 were unchanged. Government bonds traded over-the-counter in Buenos Aires fell on investor worries over the global economic crisis. Bonds shed 0.9 percent on average in moderate trade, reversing early gains in the session. Dollar-denominated "Disc" bonds slumped 3.6 percent.
The Argentine peso shed 0.21 percent to end at 3.63/3.6325 to the dollar in formal exchange between banks, and the central bank sold some $50 million in dollars to prevent the currency from weakening further, traders said.
The peso fell 1.79 percent this week and has lost 4.89 percent so far this year. Traders say the central bank is allowing a gradual depreciation of the peso to ensure Argentine exports remain competitive in Brazil, Argentinas biggest trade partner. In informal trade between foreign exchange houses, as measured by Reuters, the peso strengthened 0.13 percent to end at 3.715/3.72.