Monday, July 16, 2007

Argentina's Merval Index Falls on Tenaris Downgrade: Brazil's Vale Drops

(Bloomberg) -- Argentina's main stock index fell, led
by Tenaris SA, which has the heaviest weighting on the benchmark,
after Credit Suisse Group downgraded the shares on price concerns.

Tenaris, the world's biggest maker of seamless pipes for the
oil and gas industry, fell more than 2 percent for a second day,
after Credit Suisse cut the rating to ``underperform'' from
``neutral,'' citing a drilling slowdown in Canada. The stock gained
8.2 percent in the past two weeks.


Read more at Bloomberg Stocks News

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