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Financial News: ARGENTINA: Merval Ends Higher, Surpasses 33,000 Points For

ARGENTINA: Merval Ends Higher, Surpasses 33,000 Points For The First Time

01/15/2018 - 18:41:00 (RTTNews)

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, rose 2.88%, to 33,662.93 points, ending above the 33,000-point barrier for the first time in history.

Monday's rise is somewhat unusual as the local market hit a new record in a session of low liquidity - a result of the United States holiday.

According to an analyst from Cohen brokerage, the large flow of funds that remained in the market since Friday pushed nearly all of Merval's constituents higher. Now investors have to wait and see what will happen tomorrow, given that according to the analyst investors must watch if the U.S. market validates the rise by boosting Argentinean companies' ADRs.

The shares of San Miguel (-0.94%), Telecom (-0.20%), Transener (-0.08%), and Macro (-0.04%) closed down, while Central Puerto (+7.14%), TGS (+6.48%), Edenor (+5.68%), Holcim (+5.45%), and Hipotecario (+5.03%) went higher.

The locally traded U.S. Dollar rose 0.26%, to close at 18.77 Argentinean pesos.

"Today's holiday in the U.S. had full impact on the local stock exchange, which operated with a very low trading volume," said Gustavo Quintana, an analyst at PR Corredores.

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