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Financial News: ARGENTINA: Merval Drops 1.23% On Monday

ARGENTINA: Merval Drops 1.23% On Monday

11/13/2017 - 22:45:00 (RTTNews)

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, continued on the correction course started on Friday, falling 1.23% and closing at t 26,745.27 points on Monday amid a profit-taking movement after the bullish rally seen so far this month.

Analysts indicated that after two weeks rising around 2% each, the Merval finally submitted to sellers after an excellent season of corporate quarterly results.

Pampa Energía (-3.19%) reported a consolidated profit of 1,6 billion pesos for the third quarter of 2017, reversing the losses on an annual comparison.

The BBVA Francés bank (-2.99%) reached a net profit of 1,13 billion pesos in the third quarter of 2017, growing 21.6% compared to the same quarter of 2016.

Cresud (-0.66%) reported a net 28 million pesos net profit for the first quarter of the 2018 fiscal year, an 89.93% fall compared to a year earlier, while San Miguel (+0.41%) reported a gain of 240 million pesos in the third quarter of 2017, a rise of 40.7% against the same period of 2016.

On the political side, investors are closely tracking the labor and tax reforms in Argentina. The Argentinean Minister of Labor, Jorge Triaca, claimed that although the government is in negotiations with the unions, Mauricio Macri's project enjoys broad consensus among businesspeople an also among workers.

On the tax reform, the Argentinean government sent its bill to the House of Representatives today. The tax reform is expected to be discussed starting this week in House's committees, while the government intends to ask lawmakers to hold extraordinary sessions between December 2017 and February 2018 to have the bill approved sooner.

Meanwhile, the locally traded U.S. dollar closed with a slight rise of 0.08%, at 17.50 Argentinean, before a Central Bank Letters (Lebac) bidding to be carried out Tuesday.

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