BUENOS AIRES--Argentine stocks slipped Wednesday in very light trading while securities tied to economic growth, or GDP warrants, lost ground amid concerns about the economy.
The Merval fell 0.36% to 2455.81 in volume totaling ARS18.9 million ($4 million).
The only significantly traded shares were those of the steel producer Tenaris (TS, TEN.MI), which fell 1.38% to ARS131.45.
Petrobras Argentina SA (PESA.BA, PZE), the local unit of Brazil's Petroleo Brasileiro SA (PBR), or Petrobras, fell 3.7% to ARS2.85, leading the declines.
The financial conglomerate Grupo Financiero Galicia SA (GGAL.BA, GGAL) led the gains, rising 1.4% to ARS3.58. Some investors have been concerned the economy will not grow enough this year to trigger a payout on GDP warrants next year.
Though the government's 2013 budget estimates 2012 growth at 3.4%, many economists say growth will end up being notably less. The economy has to expand by at least 3.26% this year to trigger the payment on GDP warrants next year.
Meanwhile, soybean prices have been falling, raising additional concern that tax collection and related economic activity could be weaker than previously expected next year.
Economists have been saying a strong soybean crop next year would help bolster economic growth.
The peso closed at ARS4.7025 to the U.S. dollar on the MAE foreign-exchange wholesale market, compared with ARS4.7010 in the previous session.
The dollar traded between ARS6.29 and ARS6.37 in the black market, little changed from the previous session, according to the newspaper El Cronista.
Write to Taos Turner at taos.turner@dowjones.com
Posted By: Eunice N
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