By Taos Turner
BUENOS AIRES--Argentine stocks fell sharply Monday as concern
about a host of factors, including the pending outcome of a
bondholder case in the U.S., weighed on investor sentiment.
The Merval fell 3.11% to close at 3,100.35 in volume totaling
ARS51.2 million ($6.8 million).
The power distributor Edenor SA (EDN.BA) led the declines by
sliding 6.5% to ARS0.809. But it's trading was minimal.
The most traded stock was easily the steel producer Tenaris SA
(TEN.MI, TS), which slid less than 1% to ARS161.75.
The financial group Grupo Financiero Galicia SA (GGAL, GGAL.BA)
was also heavily traded. It fell 5.6% to ARS4.19.
Argentina's black-market dollar sold for 8 pesos as it continued
to strengthen against the peso, according to the financial daily El
Cronista. That compares with 8.05 previously.
Argentina strictly rations the sale of dollars and other
currencies, forcing people into the black market if they really
want other currencies for travel or to save.
The official exchange rate closed at ARS5.3350 on the MAE
wholesale currency market, compared with ARS5.3305 in the previous
session.
The AA17 global bond fell 1.59% in price terms to ARS620. The
TVPY GDP warrant, whose payment is linked to economic growth, fell
1.01% in price terms to ARS44.25.
Write to Taos Turner at taos.turner@dowjones.com