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Financial News: ARGENTINA: Merval Falls 0.74% On Expected Profit-taking Af

ARGENTINA: Merval Falls 0.74% On Expected Profit-taking After Extended Rally

10/04/2017 - 20:49:00 (RTTNews)

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, fell 0.74% Wednesday, closing 26,474.19 points after climbing for 13 consecutive sessions. A profit-taking movement was widely expected.

"Finally came the much-anticipated profit-taking for private papers," noted Eduardo Fernández, an analyst at Rava Bursátil. "The 13-session rally was the longest recorded in the history of the Argentinean Stock Exchange."

The shares of Galicia (+1.04%), San Miguel (+0.99%), TGN (+0.97%), and Distribuidora de Gas (+0.81%) rose, while Petrobras (-2.23%), Agrometal (-2.13%), Boldt (-2.06%), and TGS (-1.90%) fell.

Meanwhile, the locally traded U.S. dollar dropped 0.33%, settling at 17.35 Argentinean pesos.

"The dollar began trading lower a couple of cents, and the supply of banks and investors remained throughout the day, as it is still business to sell the currency and place the pesos at rates that exceed 27%," said Fernando Izzo, an analyst at ABC Mercado de Cambios.

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