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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

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