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Financial News: ARGENTINA: Merval Ends Nearly Stable Amid Economic Reforms

ARGENTINA: Merval Ends Nearly Stable Amid Economic Reforms Debate

11/29/2017 - 21:44:00 (RTTNews)

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, fell slightly (-0.02%) after a volatile session to 26,906.18 points Wednesday, with investors closely monitoring Senate debate about economic reforms promoted by the President Mauricio Macri.

In the streets, unions, and social and political movements marched to the Congress to demonstrate against the labor and pension reforms.

In corporate news, the state-owned oil company YPF fell 0.48% after losing a battle with Vista Oil & Gas, an organization created by the former YPF CEO Miguel Galuccio, to buy the Argentinean assets of China's Sinopec. According to market sources, the offer was around US$ 600 million.

Aluar (+0.76%) and Siderar (+0.37%) were higher on the news that the Industrial Production Index of the Latin American Economic Research Foundation (FIEL) recorded an increase of 2.7% in October - the sixth consecutive increase.

Mirgor (+2.25%) rose after the government, through the Ministry of Production, reported that it intends to apply a gradual lowering of the tax on electronic products and to zero the tax for products manufactured in Tierra del Fuego.

Meanwhile, the locally traded U.S. dollar rose 0.28%, closing at 17.43 Argentinean pesos. In the last two sessions, the greenback recovered just over ten cents compared to the values of last Monday.

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