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Financial News: ARGENTINA: Merval Closes Up After Reform Announcement

ARGENTINA: Merval Closes Up After Reform Announcement

11/05/2017 - 20:51:00 (RTTNews)

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, closed with a slight increase of 0.14% at 27,985.45 points Friday, reversing initial losses. During the week, the Argentinean stock market gained 1.01%.

"The Buenos Aires stock exchange operated with great selectivity and a smaller amount of volume. Investors remain expectant after the government announced this week the guidelines for tax and labor reform," said Viviana Bonifati, an analyst at Intervalores.

The state-owned oil company YPF closed with a slight rise after dropping its fuels prices following the decision of the government to reduce the cost of biofuels after the fall in the price of ethanol.

On the side of the indicators, road asphalt consumption recorded a total of 63,500 tons in October, a new record amid higher demand for public works under development in the country. The cement mill Holcim rose 2.76%.

The shares of Transener (-3.36%), Pampa (-2.26%), and Autopistas del Sol (-1.93%) fell, while San Miguel (+7.39%), PGR (+5.53%), and Holcim (+2.76%) rose.

The locally traded U.S. dollar rose 0.68%, closing at 17.64 Argentinean pesos, tracking a generalized Latin American currencies' devaluation.

"The strength of the dollar today caused our market to begin with a lot of volatility," said Fernando Izzo of ABC Mercado de Cambios.

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