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ARGENTINA: Merval Tracks Foreign Markets And Falls 0.72%

(Agencia CMA Latam) - Merval, the main index of the Buenos Aires Stock Exchange, fell by 0.72%, closing at 33,001.77 points, interrupting recent increases while tracking foreign markets.

"The lack of volume in the entire market is still worrying. Today's trading in private sector stocks was 31% below what we observed yesterday," said Eduardo Fernández, an analyst at Rava Bursátil.

Agrometal stood out after the Argentinean government announced special financing for the purchase of agricultural machinery during ExpoAgro 2018, as well as President Mauricio Macri's announcement on a series of measures to benefit agricultural producers affected by drought.

The shares of Agrometal (+6.62%), Pampa (+2.03%), and Petrolera Pampa (+4.23%) closed higher, while Comercial Del Plata (-3.24%) and Mirgor (-3.07%) fell.

The locally traded U.S. dollar closed with a subtle hike of 0.09%, at Argentinean 20.22 pesos, after a new intervention of the Central Bank towards the end of the sessions, adding six consecutive days of intervention. According to Gustavo Quintana, an analyst at PR Corredores, "incursions by the BCRA on the end of the session prevented the exchange rate from ending higher."

by Agencia CMA Latam

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