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Financial News: ARGENTINA: Merval Falls 0.75% Impacted By Petrobras Drop

ARGENTINA: Merval Falls 0.75% Impacted By Petrobras Drop

06/07/2018 - 18:28:00 (RTTNews)

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, fell 0.75%, closing at 30,198.74 points, returning to operate in negative territory after three consecutive days closing higher, mainly because of the political situation in neighboring Brazil. That situation led Petrobras shares to plummet, affecting the index. In addition, the twists and turns around the agreement between the Argentinean government and the International Monetary Fund (IMF) also affected the Merval.

"Due to the uncertainty over the October elections in Brazil, Petrobras Brasil's stocks recorded a 4.40% decline, the worse performance of the day," said analyst Eduardo Fernandez, an analyst at Rava Bursatil.

Meanwhile, the Argentinean government is expected to announce more details of an agreement with the IMF, according to the Minister of Finance, Nicolas Dujovne. The spokesperson of the IMF, Gerry Rice, said that talks "are very advanced." However, they are waiting for the Fund's Executive Board to give the final word "on Argentina's request for exceptional access to the resources of the IMF."

The shares of Transportadora de Gas del Sur (-2.96%) and PGR (-2.84%) also closed lower, while YPF (+3.06%), Holcim (+2.04%), and Telecom (+1.68%) rose.

The locally traded U.S. dollar rose 0.34%, to 24.98 Argentinean pesos, after remaining in negative territory in the last few days and a few cents from the 25 pesos barrier, due to the devaluation of regional currencies, such as Mexico and Brazil, against the American currency.

"Some banks covered their global positions, due to the disparity of the percentages of devaluations of these foreign currencies against the U.S. dollar, while others were covered by the rise in their positions," said Fernando Izzo, an analyst at ABC Mercado de Cambios.

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