logo
Share SHARE
FONT-SIZE Plus   Neg

ARGENTINA: Merval Falls On Profit Taking After Bullish Strike

(Agencia CMA Latam) - Merval, the main index of the Buenos Aires Stock Exchange, reversed its early gains Wednesday to close down (-0.60%) at 26,933.46 points in a profit-taking movement triggered by a recent bullish strike that led the index do record levels.

Analysts said that the investors are discounting that President Mauricio Macri's camp is going to have a strong victory in the next legislative elections.

Meanwhile, crude steel production in September hit 413,000 tonnes, 28.2% higher than in the same month of the previous year. As a result, Aluar (+0.76%) and Siderar (+0.74%) closed higher.

The locally traded U.S. dollar closed with a slight drop (-0.04%), at 17.41 Argentinean pesos. According to analysts, banks and investors sold the greenback to place in pesos at rates that hover around 26.50% per year, taking advantage of the high interest rates in Argentina.

by Agencia CMA Latam

For comments and feedback: editorial@rttnews.com

Economic News

What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.

comments powered by Disqus
Follow RTT