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BUENOS AIRES, July 29 (Reuters) - Argentina's MerVal stock index reversed losses and rose 5.1 pct on Tuesday on increased optimism about last-minute debt talks in New York aimed at avoiding an Argentine default, traders said.
Argentine negotiators were expected to hold further talks with a mediator on Tuesday. Meanwhile, holders of Argentina's euro-denominated exchange bonds urged a U.S. judge to issue a last-minute stay on his debt ruling that risks toppling the country into default on Thursday. (Reporting by Jorge Otaola; Writing by Sarah Marsh; Editing by Richard Lough and Diane Craft)