Despite Rise in Oil Shares, Argentinian Stocks Flop

In Buenos Aires, stocks are virtually closing up without any changes at all, even with a couple of gains made by oil-related shares that are affected by the prices of crude oil and also offsetted by a sell off of a couple of financial shares.

The benchmark established by the MerVal stock index reveals a slight rise of a mere 0.02 percent, bringing the total to 2,121.31 points. The crude futures of the United States are also rising up to a record of more than $114 per barrel according to last Tuesday's news – as a result of varying supply issues and the rise in diesel demand of communist China as well as the continuing weakening of the US dollar – all these are contributory factors in the price lift.

The Highs and Lows

Besides the oil-related shares and the rise in crude oil, the market is now not able to find solutions to help it bounce back to stable ground – reported by analyst Jorge Alberti of Elaccionista.com In fact, the Petrobras company of Buenos Aires shares that their stocks rose a mere 1.18 percent to come up with a final figure of 196.5 pesos. Other companies are also small gainers – starting with Petrobras Energia pasticipaciones, which is a unit of Petrobras, which experienced a gain of 2.08 percent to 3.92 pesos. The National Petroleum Agency of Brazil also confirmed that there is an offshore finding which is made by Petrobras in cooperation with Repsol-YPF as well as BG Group – and that such would be the biggest company in the world during the last thirty years.

However, they also make sure to remain cautious when it comes to estimating about the size of the reserves. Thanks to the status of bank shares, the MerVal continues to be pushed down. The biggest loser in the session proved to be the banking group Banco Patagonia, which slid down 1.42 percent and finally rested at 2.78 pesos per share. The volume remained quite high on the broad market, however, with the figure of $47 million. Out of the active issues, seventy six declined and the unchanged figures remained at a mere ten, with twenty nine advancing.

On the debt market, however, a 0.3 percent decline in government bonds are averaging out. The prices were mixed, thanks to the adjustments in the dollar-denominated Discount bonds dropping on an average of 1.1 percent during the over the counter trade.