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Financial News: ARGENTINA: Merval Falls 1.26% Tracking Foreign Markets

ARGENTINA: Merval Falls 1.26% Tracking Foreign Markets

03/27/2018 - 18:07:00 (RTTNews)

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, fell by 1.26%, closing at 31,236.12 points, tracking the U.S. stock markets amid a thinner trading volume. The drop in oil prices abroad also drove the Merval down.

The fall in Wall Street surprised analysts. "It was very worrying what the markets of the North recorded because everything seemed to indicate that we were about to witness a new rebound in shares," said Eduardo Fern?ndez, an analyst at Rava Bursa.

Holcim (-3.73%) and Boldt (-4.34%) fell sharply. Meanwhile, oil prices fell amid concerns with the growing U.S. Production. The shares of Petrobras (-3,46%), Petrolera Pampa (-2.56%), and YPF (-2,2%) closed lower, while Transportadora de Gas del Sur (+2.18%) and Grupo Galicia (+1.07%) recorded the best performances.

The locally traded U.S. dollar fell by 0.10%, quoted at 20.16 Argentinean pesos, after the Central Bank of Argentina (BCRA) went out to sell, keeping the local exchange market balanced. According to Gustavo Quintana, an analyst at PR Corredores, "the BCRA sales anchored the exchange rate and accommodated the values slightly below yesterday's closing level."

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