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Financial News: ARGENTINA: Merval Falls To Lowest Level Since December

ARGENTINA: Merval Falls To Lowest Level Since December

05/07/2018 - 19:44:00 (RTTNews)

(RTTNews) - Merval, the benchmark stock market index in Argentina, ended 3.47% lower at 27.56,.77 points Monday. It was the fourth consecutive drop and the lowest settlement level since December 18.

Investors in Argentina are still trapped by local tensions, especially those regarding peso, the local currency.

The locally traded US dollar rose 0.77%, to 21,96 pesos - not so far from the recent record of 23 pesos. Traders said that the market is still adapting to recent decisions from the central bank to protect the peso.

"Unfortunately, everything remains very complicated for risky assets. In the recent days, it has become clear how the local market is completely disengaged from abroad. The stock market decline is due strictly to local factors," said Eduardo Fernandez, from Rava Bursatil.

Shares from Endesa Costanera (-9.44%), Holcim (-7.54%), Supervielle (-6.66%) and Distribuidora de Gas Cuyana (-6.43%) ended lower, while Petrobras (2.17%), Tenaris (1.13%) and YPF (1.02%) ended higher.

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