argentine shares rise in thin trade, peso slips May 24, 2004...

argentine shares rise in thin trade, peso slips May 24, 2004 5:36pm ET (Reuters)

BUENOS AIRES, Argentina, May 24 (Reuters) - Argentine stocks closed up on Monday, mirroring gains in neighboring Brazil, but trade was thin on the eve of Argentina's national May Revolution holiday, traders said.

The MerVal leading share index rose 2.41 percent to close at 943.05 points. Trade totaled a weak 30.4 million pesos ($10.3 million).

In Brazil, Sao Paulo Stock Exchange's benchmark Bovespa index, which has a strong influence on investor sentiment in Argentina, closed up 2.1 percent.

"The MerVal moved in line with the Bovespa's volatility," said Gabriel Lynch, a trader at Empresas & Valores brokerage.

"This session shouldn't be taken seriously because the index's tendency will only become clear as of Wednesday, when normal operations resume," said Jorge Alberti, a commentator for Elaccionista.com.

Banco Macro Bansud experienced one of the session's strongest surges, rising 5.16 percent to 2.65 pesos. The banking sector was one of the worst-hit in recent weeks.

The MerVal rose 2.26 percent last week to end an eight-week losing streak that was fueled by losses in Brazil's stocks and local currency, fears of a possible U.S. interest rate hike, and surging international oil prices.

Shares have lost 12.5 percent so far this month.

The local peso closed just 0.17 percent weaker on Monday at 2.955/2.96 per dollar.