Argentine Stocks: Petrobras, Telecom and Tenaris Were Active

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 2.3 percent to 2,287.84.

Petroleo Brasileiro SA (PETR4) dropped 8.1 percent to 59.90 pesos, its biggest fall in 10 months. Shares in Brazil’s state-controlled oil company retreated today after the company announced an increase in fuel prices that was below some analysts’ expectations.

Telecom Argentina SA (TECO2 AF), the country’s largest telecommunications company, fell 5.1 percent to 14.90 pesos, the most in almost eight weeks. The stock retreated in line with global markets and amid speculation it will change its pricing for mobile phone clients to charge per second instead of per minute, Juan Jose Vasquez, an analyst at Buenos Aires-based Bull Market Brokers, said in a phone interview.

An official from Telecom’s communications department didn’t answer a call seeking comment.

Tenaris SA (TS) lost 2.2 percent to 107.05 pesos. The world’s largest producer of seamless steel tubes used in the oil industry fell in line with the price of crude in New York.

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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