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Financial News: ARGENTINA: Merval Closes Higher Amid Strong Indicators

ARGENTINA: Merval Closes Higher Amid Strong Indicators

08/24/2017 - 19:26:00 (RTTNews)

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, closed up (+0.60%) at the end of a volatile trading session, settling at 23,403.25 points after a good performance of Pampa Energía (+3.98%).

On the indicators side, the Argentinean economy recorded a 4% growth in June on an annual basis, the highest increase in 22 months, accelerating from 3.3% in May.

"Strikingly, the local market operated counter to the reference markets, which had a downward day, waiting for the summit of central banks governors in Jackson Hole," said Eduardo Fernandez, an analyst at Rava Bursátil.

For the next days, Fernandez said that from a technical point of view, the Merval "starts to enter into the overbought zone. While Merval may continue to climb positions, it will be necessary to be attentive to a possible adjustment."

The shares of Pampa Energía (+3,98%), Petrolera Pampa (+2,91%), Holcim (+2,75%) and Edenor (+1,64%) rose, while Gas Cuyana (-2,55%), Telecom (-1,91%), Comercial del Plata (-1,59%) fell.

The locally traded U.S. dollar fell 0.11%, closing at 17.21 Argentinean pesos in a day when the offer was accentuated after the central bank raised central bank bills (Lebacs) above 27% per year in its struggle to control inflation and get as close as possible to the 17% target ceiling foreseen for this year.

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