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Financial News: ARGENTINA: Merval Falls On Profit-taking, But Climbs Highe

ARGENTINA: Merval Falls On Profit-taking, But Climbs Higher In The Week

01/21/2018 - 17:11:00 (RTTNews)

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, fell 1.31% Friday, closing at 33,600.73 points amid a profit-taking movement after exceeding the psychological barrier of 34,000 points. However, in the week it gained 2.55%.

"Although the global and local context favor a stock market rise, the flows evidenced yesterday triggered the first warning lights towards an eventual short-term ceiling. It's key to monitor the next movements, mainly the trading volumes, to understand if it is a pause," warned Cohen brokerage analysts.

On the side of the companies, Central Puerto (-4.48%) announced that selling shareholders offered up to 408,095,678 existing shares of Central Puerto with a face value of $ 1 each and entitled to one vote per share.

The locally traded U.S. dollar closed the last round of the week with a rise of 0.66%, quoted at 18,995 Argentinean pesos due to strong demand.

"The demand for coverage boosted the good rise today," said Gustavo Quintana, an analyst at PR Corredores. During the week, the exchange rate increased more than thirty cents.

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