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Financial News: ARGENTINA: Dollar Rises 8% And Stocks Fall Amid

ARGENTINA: Dollar Rises 8% And Stocks Fall Amid Volatile Session

05/03/2018 - 20:26:00 (RTTNews)

(RTTNews) - Merval, the benchmark stock market index in Argentina, fell 0.37% to 29,503.40 points Thursday, influenced by a decline in markets abroad and amid severe depreciation of the local currency, the peso.

The interest rate hike turned investors' attention to the fixed income assets, particularly the Lebacs maturing in May, which offered a 45% annual yield after the central bank decision.

"Everything is really complicated for Argentinean assets given the huge volatility," said Eduardo Fern?ndez, from Rava Bursatil.

Valo (-5,78%), Agrometal (-4,91%) and Metrogas (-3,21%) had the worst performance of the day, while Tenaris (7,57%), Loma (5,09%) and Endesa Costanera (3,96%) were in the opposite end.

The locally traded US dollar rose 8.49%, to 23.00 pesos - a new record high - in spite of the central bank's new emergency interest rate hike to support the local currency.

"Without the massive sales from the BCRA the wholesale dollar market found a new range," said Gustavo Quintana, from PR Corredores.

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