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Argentine Stocks: Grupo Financiero Galicia, Tenaris and YPF

March 22 (Bloomberg) -- 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 Index fell 1.7 percent to 2,673.78.

Grupo Financiero Galicia SA (GGAL AF) retreated 1.8 percent to 3.36 pesos. Argentina’s largest consumer lender fell in line with global markets after manufacturing contracted in Europe and China, undermining confidence in the world economy.

Tenaris SA (TS AF) dropped 2.4 percent to 97.85 pesos, its third day of losses. The world’s largest producer of seamless steel tubes used in the oil industry fell as the price of crude retreated in New York.

YPF SA (YPFD AF) fell 4.3 percent to 143.5 pesos. Argentina’s largest oil company proposed yesterday giving investors new shares equal to 91 percent of 2011 profit. Deputy Economy Minister Axel Kicillof said the government would use “all measures” to oppose the plan, while Cabinet Chief Juan Manuel Abal Medina yesterday retracted comments in a March 20 radio interview in which he had ruled out a takeover of the company.

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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