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Financial News: ARGENTINA: Merval Falls Pushed Down By Oil Companies

ARGENTINA: Merval Falls Pushed Down By Oil Companies

07/10/2017 - 21:47:00 (RTTNews)

(RTTNews) - The benchmark stock market index in Argentina, Merval, fell by 0.73%, closing at 22,059.84 points Friday after crude prices decreased almost 3% and pushed down the prices of oil companies. Despite the losses, in the week, the Buenos Aires Stock Exchange gained 0.67%.

Oil prices decreased amid fears on oversupply in the international market.

The dollar increase compared to the Argentinean peso also weighed on the local stock market, causing foreign funds to leave the country.

After surpassing the 17 pesos barrier earlier this week and renewing a historical high, the US dollar traded in Buenos Aires fell by 0.58% today, to 16.98 pesos.

According to Fernando Izzo, an analyst at ABC Foreign Exchange Market, there is support for the dollar at the 17 pesos level, a price that suits exporters and does not have too much impact to the importers.

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