Bloomberg News

Argentine Stocks: Banco Hipotecario, Petrobras, Tenaris Fall

November 01, 2011

Nov. 1 (Bloomberg) -- The following companies had unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of 5 p.m. Buenos Aires time.

The Merval Index fell 4.9 percent to 2,762.03.

Banks fell for a second day after President Cristina Fernandez de Kirchner approved measures to restrict dollar buying and stem capital flight, increasing demand for dollars on concern the government will announce more controls, according to a Barclays Plc. report published today.

Banco Hipotecario SA (BHIP AF) plunged 6.4 percent to 1.90 pesos.

BBVA Banco Frances SA (FRAN AF), the unit of Spanish lender Banco Bilbao Vizcaya Argentaria SA, lost 4.7 percent to 10.15 pesos.

Petrobras Argentina SA (PESA AF) retreated 5.8 percent to 6.60 pesos. The local unit of Brazil’s state-controlled oil company fell after Fitch Ratings and Moody’s Investors Service cut Argentine oil companies’ credit ratings, citing regulations that force them to repatriate all their export revenue.

Tenaris SA (TS AF) tumbled 5.5 percent to 76.20 pesos. The world’s largest producer of seamless steel tubes used in the oil industry ended its offer to buy shares in Confab Industrial SA after some shareholders indicated they wouldn’t accept the terms of 5.20 reais per share, according to a Market Wire statement today from Tenaris.

--Editors: Glenn J. Kalinoski, Marie-France Han

To contact the reporter on this story: Camila Russo in Buenos Aires at crusso15@bloomberg.net

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


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