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Technology Stocks : Ascend Communications (ASND) -- Ignore unavailable to you. Want to Upgrade?

To: Tim Luke who wrote (19430)	10/28/1997 1:53:00 PM
From: Glenn D. Rudolph	Respond to of 61433

Looks like the US markets may pull everyone up: Argentine stocks swing to gains near midsession Reuters Story - October 28, 1997 12:58 %AR %LATAM %EMRG %LDC %STX %.BA .MERV V%REUTER P%RTR BUENOS AIRES, Oct 28 (Reuters) - Argentina's blue-chip MerVal index recouped early losses to stand firm near midsession Tuesday, and traders said stocks would continue to climb provided the Dow clung to its gains. "The Dow has allowed the markets to recover, but I'm only speaking for today, or even for this hour. What could come next is anybody's guess because this may be only a mild technical bounce," one dealer said. The blue-chip MerVal index firmed 0.2 percent to 679.75, climbing back from a loss of 4.0 percent at 650. This compared with a 2.8 percent rise in the Dow. Brokers said the bolsa fell in early trading because it was making up for huge losses of up to 20 percent Monday in some Argentine ADRs, when local stocks dropped only as much as 15 percent due to the effects of circuit breakers. Strongest main-tier gainers were petrochemical concern Indupa, Telecom and oil giant YPF, which bounced back 8.0 percent, 7.7 percent and 7.0 percent, respectively. Losers were led by agribusiness firm Cresud and construction stock Juan Minetti, both off 9.8 percent. Floor volume after two hours of trading was extremely strong at 33 million pesos, similar to turnover in an entire session. Analysts said the rebound and heavy turnover were caused by short-covering. "There were a lot of bears out there. The short positions on Wall Street were enormous, because there was a big school of thought that the U.S. and London markets were overvalued," said Christopher Ecclestone, director of brokers Interacciones. "Those who were short were right, and when they go out to cover it supplies buying pressure."