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Financial News: ARGENTINA: Merval Falls 1.21% With U.S. Trade War

ARGENTINA: Merval Falls 1.21% With U.S. Trade War

06/26/2018 - 20:20:00 (RTTNews)

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, closed Tuesday's session with a decline of 1.21% at 28,473.48 points, recording the third drop in a row.

Investors' bearish mood was related to the reference markets, the tensions between the United States and China, and a pessimistic expectation for the coming months in the Argentinean economy.

"Today we clearly noticed how our local market continues with a clear medium-term bearish bias," said Eduardo Fernandez, an analyst at Rava Bursatil.

He stressed that "stocks continue to discount a bad economic scenario for the coming months, predicting a likely recession for the second half of 2018."

The shares of Endesa Costanera (-4.16%), Transportadora de Gas del Norte (-3.52%), and Transportadora de Gas del Sur (-3.47%) closed lower, while Distribuidora de Gas Cuyana (+4.30%), Holcim (+1.53%), and Petrobras (+1.42%) rose.

The locally traded U.S. dollar rose 0.11%, to 27.10 Argentinean pesos, after an atypical day for the national strike that interrupted banking activities Monday, and amid the daily bidding of the Central Bank of Argentina (BCRA) to allocate the U.S. dollars from the financing provided by the International Monetary Fund (IMF) to meet expenses denominated in pesos.

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