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.
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