Argentine Stocks: Petrobras Argentina, YPF Fall, Cresud Gains

The following companies had unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of the close in Buenos Aires.

The Merval (MERVAL) Index fell 0.3 percent to 2,810.57

YPF SA (YPFD), Argentina’s largest oil company, and Petrobras Argentina SA (PESA), the local unit of Brazil’s state-controlled oil producer, fell after the Planning Ministry said that the government is ending a three-year program that provided about 10 billion pesos ($2.3 billion) of incentives to companies in the industry.

YPF (YPFD)(YPFD AF) retreated 5.5 percent to 153 pesos. Petrobras Argentina (PESA)(PESA AF), the local unit of Brazil’s state-controlled oil company Petroleo Brasileiro SA, dropped 0.7 percent to 7.35 pesos.

Cresud SA (CRES) (CRES AF), the Argentine agricultural real estate company, rose 1.7 percent to 6.15 pesos, the highest level since September. Record-high cattle and beef prices may extend their gains this year, industry researcher CattleFax said today.

To contact the reporter on this story: Christine Jenkins in New York at cjenkins28@bloomberg.net

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

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