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Financial News: ARGENTINA: Merval Closes With Subtle Rise, But Loses

ARGENTINA: Merval Closes With Subtle Rise, But Loses 1.24% In The Week

09/17/2017 - 20:54:00 (RTTNews)

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, closed with a subtle 0.09% rise Friday at 23,723.28 points, after trading lower most of the day. In the week, Merval accumulated a fall of 1.24%.

According to Eduardo Fernández, an analyst at Rava Bursátil, the market "will continue to operate with little volatility, very selective, amid a narrow business range."

"With the dollar down, because of the high interest rates offered by the LEBAC, it is tough for public bonds to compete against these high yields, which already border 27% per years in pesos," he added.

The shares of Banco Francés (+3,33%) and Transener (+2.08%) rose, while Cresud (-2,54%), San Miguel (-1,96%) and Agrometal (-1,35%) fell.

The locally traded U.S. dollar fell 0.08%, closing at 16.97 Argentinean pesos. Despite the drop, there was a higher volume of operations in the last few days. The volume totaled US$ 655 million, about 2.5% more than Thursday's record, amid an increase in currency swaps.

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