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By Serena Saitto
Of DOW JONES NEWSWIRES
BUENOS AIRES (Dow Jones)--Argentine stocks and bonds tumbled Wednesday, tracking Wall Street's blues on renewed weakness showed by the financial sector.
Despite the greenback losses versus other currencies, the peso weakened against the U.S. dollar, closing at ARS3.14 compared to ARS3.1325 at Tuesday's closing.
"The Argentine market is tracking Wall Street, but also it didn't show any celebration for the new government," said Francisco Prak, analyst for Buenos Aires-based Grupo SBS.
The Merval benchmark index lost 1.32% to 2,216.15, while the broader General index lost 1.40% to 123,475.54 amid brisk trading volumes, which stood at ARS194.29 million ($61.87 million), including ARS135.08 million exchanged in local shares.
As the oil price fell below $98 a barrel, shares of Petrobras (APBR.BA) lost 4.39% to ARS157.75 on profit taking. Despite being heavily exposed on the oil sector, shares of Tenaris (TS) showed some resilience, dropping a mere 0.40% to ARS73.50.
Local bonds were also down, with investors' preference for short-term debt over long-term debt suggesting that the market has doubt about Argentina's ability to repay its debt, said Prak, pointing to a $2.2 billion bond due in December.
Prak added that his firm 2,400 end-of-the-year target for the Merval looks now uncertain "given the current market's sentiment."
For the next two days, traders see choppy trading due to Wall Street's closing for the Thanksgiving holiday.
-By Serena Saitto, Dow Jones Newswires; 5411-4311-3125; serena.saitto@dowjones.com
(END) Dow Jones Newswires
November 21, 2007 15:48 ET (20:48 GMT)
Copyright 2007 Dow Jones & Company, Inc.
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