Bloomberg News

Argentine Stocks: Grupo Financiero Galicia, Tenaris, YPF Decline

September 28, 2011

Sept. 28 (Bloomberg) -- The following companies had unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of 4 p.m. New York time.

The Merval Index retreated 1.6 percent to 2,514.56.

Grupo Financiero Galicia SA (GGAL AF) fell 3.1 percent to 4.12 pesos, the biggest loss in a week. Argentina’s largest consumer lender declined in line with global equity markets amid concern that holders of Greek bonds will suffer larger losses than previously agreed upon in a debt restructuring.

YPF SA (YPFD AF) fell 2.9 percent to 169 pesos. Argentina’s largest oil producer fell as crude oil headed to its biggest quarterly drop since 2008 on concern that Europe’s debt crisis will linger and on rising U.S. stockpiles.

Tenaris SA (TS AF), the world’s largest producer of seamless steel tubes used in the oil industry, dropped 2.4 percent to 60.50 pesos.

--Editors: Glenn Kalinoski, Marie-France Han

To contact the reporter on this story: Eduardo Thomson in Santiago at ethomson1@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net


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