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Financial News: ARGENTINA: Merval Falls 0.23% Tracking ADR Performance On

ARGENTINA: Merval Falls 0.23% Tracking ADR Performance On Wall Street

01/16/2018 - 22:37:00 (RTTNews)

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, fell 0.23% Tuesday, closing at 33,542.68 points while rebounding from earlier losses caused by the poor performance of Argentinean ADRs on Wall Street after Monday's holiday in the United States.

As Cohen analysts had predicted, the North American market did not validate the big rally that occurred in Buenos Aires, and the stock market closed down. Analysts now expect the stock market to correct and return to around 28,500 points.

"We believe that a large part of this Merval uptick is derived not only from the good fundamentals expected for 2018 but also from the good context in foreign markets, such as Brazil," Cohen said.

On the side of companies, Petrobras (+1.37%) reported that for the third consecutive year it beat its production goal.

Meanwhile, the locally traded U.S. dollar closed up 1.12%, at 18.90 Argentinean pesos, in a day in which investors monitored a new tender of Lebac by the country's central bank.

"The market seemed to respond with a greater demand for dollars to a probable drop in the Lebac rates in today's tender," said Gustavo Quintana, an analyst at PR Corredores.

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