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ARGENTINA: Merval Rises Again, Ends The Week 8.6% Higher

(Agencia CMA Latam) - Merval, the main index of the Buenos Aires Stock Exchange, closed 2.23% higher at 32,738.76 points Friday. Despite the shortened week, the index gained 8.60% at the beginning of the financial results season.

"For the third consecutive day the leading shares closed positive, in a week of great rebound for the local equity segment, which had been severely hit by the previous week," said Eduardo Fernández, an analyst at Rava Bursátil.

On the business side, Banco Hipotecario (+5.01%) reported a net result for the fourth quarter of 2017 of 482.2 million pesos, compared to a 136.4 million profit in the same quarter of 2016.

Meanwhile, the credit to the Argentinean private sector rose by 22% in 2017, marking the highest annual growth in a decade, reported the South American country's central bank. As a result, Banco Francés (+2.15%), Banco Galicia (+0.97%), and Supervielle (+0.74%) also rose.

The locally traded U.S. dollar ended the week 0.50% higher, quoted at 19.76 Argentinean pesos. For Monday, a low trading volume is expected in the local market due to a holiday in the United States.

by Agencia CMA Latam

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