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Financial News: ARGENTINA: Merval Falls Slightly As Traders Remain Cautiou

ARGENTINA: Merval Falls Slightly As Traders Remain Cautious

08/29/2017 - 19:28:00 (RTTNews)

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, dropped slightly (-0.03%), closing at 23,474.74 points Tuesday, amid investor's caution provoked by heightened geopolitical tensions and by lower oil prices abroad after the Hurricane Harvey hit the United States.

"The geopolitical tensions after North Korea's new missile launch meant that the markets had a bearish opening, which, as hours went by, dissipated," said Oscar Campos, an analyst at Intervalores.

Meanwhile, a Moody's report said that Argentina remains at a high level of susceptibility to political risk events, such as the upcoming October legislative elections, affecting investor's mood.

The shares of Siderar (-1,27%), Holcim (-1,23%), Telecom (-1,02%), and Pampa (-0,58%) fell, while Petrolera Pampa (+2,57%), Central Puerto (+1,79%), and Mirgor (1,70%) rose.

The locally traded U.S. dollar rose 0.98%, settling at 17.39 Argentinean pesos, amid increased demand by banks and companies for end-of-month hedge operations. According to Fernando Izzo, an analyst at ABC Mercado de Cambios, in addition to that, there was more participation of exporters.

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