Argentine markets plunge on oil company losses

Stocks in Argentina fell more than five percent Monday, pulled down by plummeting oil company shares, despite signs that global crude prices are stabilizing.

The market in Buenos Aires at midday was 7,839.15, down 5.17 percent.

Shares of Brazil's state-owned Petrobras oil giant were down nearly 11 percent at midday, while shares of Argentine power company Transener fell 9.6 percent.

Another Argentine energy company, Comercial del Plata, saw its stocks fall 9.3 percent.

All told, oil industry stocks have shed almost 20 percent of their value in Argentine markets since the start of the year.

The continued slide comes as oil shares in New York rebounded somewhat Monday from their five-year lows.

Oil prices dragged down markets internationally throughout last week, stabilized a bit on Monday, with Chevron adding 0.8 percent, ExxonMobil 0.9 percent and Schlumberger 1.4 percent in early trading.

Crude futures were hit hard last week also after demand outlook downgrades from OPEC and the International Energy Agency watchdog.

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