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Financial News: ARGENTINA: Merval Drops 0.38% On Rumors Related To

ARGENTINA: Merval Drops 0.38% On Rumors Related To ANSES Positions

03/19/2018 - 13:47:00 (RTTNews)

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, fell 0.38% at 32,582.52 points Friday, with an almost entire panel in the red amid rumors that the Argentinean Social Security Administration (ANSES) would dismantle its positions of local equity funds. In the week, the Merval dropped 1.80%.

"That news caused a lot of concern among investors because it is not clear when that could begin. The only concrete thing is that the local equity market got scared, and ended the day with a very selling trend," said Eduardo Fernández, an analyst at Rava Bursátil.

The shares of Consultatio (-1.89%), Cresud (-1.85%), Petrolera Pampa (-1.83%), and Pampa (-1.43%) recorded the worst losses. In the positive end, Tenaris rose 0,80%. while Transportadora de Gas del Norte and Petrobras gained 0.70% each.

The locally traded U.S. dollar closed down 0.76%, quoted at 20.19 Argentinean pesos, back to negative territory due to a new intervention by the Central Bank of Argentina (BCRA), which was absent in the last few sessions.

According to Gustavo Quintana, an analyst at PR Corredores, a "strong and aggressive intervention by the Central Bank collapsed the greenback's price."

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