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Financial News: ARGENTINA: Merval Drops 0.72% As Traders Digest Economic

ARGENTINA: Merval Drops 0.72% As Traders Digest Economic Reforms Debate

11/28/2017 - 19:06:00 (RTTNews)

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, fell 0.72% at the end of a volatile session Tuesday, settling at 26,925.07 points as investors closely monitored the discussion in the Argentinean Senate on the reforms sponsored by Mauricio Macri's administration.

According to analysts, in addition to the uncertain future of the reforms, stocks were volatile due to the drop in crude oil prices abroad, the declining exchange rate and high interest rates.

The shares of Petrobras (+1.66%), Galicia (+1.24%), Petrolera Pampa (+0.65%), and Telecom (+0.29%) rose, while San Miguel (-4.29%), Aluar (-2.97%), and Siderar (-2.94%) fell.

The locally traded U.S. dollar closed up 0.32%, at 17.38 Argentinean pesos, interrupting an appreciation strike by the local currency.

"The greenback was traded alternating increases and decreases, with continuous changes in prices," said Gustavo Quintana, an analyst at PR Corredores. According to him, the oscillation in the foreign exchange market was apparently due to the imminence of financial commitments at the end of the month.

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