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Financial News: ARGENTINA: Merval Falls 1.60% For Profit Taking And

ARGENTINA: Merval Falls 1.60% For Profit Taking And Before The Fed

01/30/2018 - 20:47:00 (RTTNews)

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, fell 1.60% Tuesday, closing at 34,229.31 points due to profit-taking after the January rally and ahead opf Wednesday's monetary policy decision by the board of directors of the United States Federal Reserve Bank (Fed). Oil companies also weighed, reflecting the decline in oil prices abroad.

Analysts said that they expect a correction in the Merval, to around the 32,000 points on February 5.

"Some warning lights are accumulating such as technical signals, increasing volatility and selectivity, so we recommend strategies that accompany that trend, adjusting the so-called stop loss that will protect the accumulated earnings," said Personal Portfolio analysts.

The shares of TGS (-4.02%), Petrobras (-3.66%), Consultatio (-3.15%), and Edenor (-2.99%) closed down, while Banco Hipotecario (+2.74%) and Galicia (+1.05%) rose.

The locally traded U.S. dollar closed up 0.28%, at 19.63 Argentinean pesos, due to higher seasonal demand.

"The need for coverage by the end of the month kept the demand for dollars active, driving a rise that brought it back to historic highs," said Gustavo Quintana, an analyst at PR Corredores.

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