1.   Argentine stocks fell a second day on concern that shares in steel companies and other cyclical industries have risen beyond what earnings prospects warrant.

2.   Concern that prices exceed what earnings prospects warrant also weighted on the market.

3.   Investors are concerned that shares have gotten more expensive than earnings prospects warrant.

4.   Steel companies Siderar Saic and Siderca SA also fell after rising higher than earnings prospects warrant in previous session, said traders.

5.   Steel companies Siderar Saic and Siderca SA also fell after rising higher than earnings prospects warrant in previous sessions, said traders.

6.   Still, the sometimes indiscriminate rush of investment in the market just to gain Venezuelan exposure could push prices above the level that earnings prospects warrant.

7.   Traders said expectations of the sale pushed shares higher than earnings prospects warranted.