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ARGENTINA: Merval Rises 1.36% On Oil And Bank Shares

(Agencia CMA Latam) - Merval, the main index of the Buenos Aires Stock Exchange, rose 1.36% to 32,064.56 points Thursday, boosted by oil companies' shares as Brent oil prices reached the highest level in three years.

Investors also digested a higher than expected monthly inflation reading for December. The Argentinean Consumer Price Index (CPI) rose by 3.1% last month, after a 1.4% rise in November. Analysts expected a 2.1% increase.

Transener shares rose 0.16% amid rumors that the company would be privatized. Banks also rose after the Argentinean government made changes to the Guarantee Insurance System for bank deposits, arguing that it would foster competition among financial institutions.

The shares of Cresud (-3.68%), Agrometal (-2.32%), and Siderar (-2.04%) fell, while Costanera (+9.14%), Consultatio (+6.33%), and Holcim (+4.69%) rose.

Meanwhile, the locally traded U.S. dollar closed 0.48% higher, at 18.71 Argentinean pesos, after falling yesterday, following interest rate declines by the local central bank.

"The low level recorded until yesterday seemed to stimulate the retaking of some positions. With a more active demand, the exchange rate recovered part of the previous loss," said Gustavo Quintana, an analyst at PR Corredores.

by Agencia CMA Latam

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