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Financial News: ARGENTINA: Merval Falls 2.03% On Wednesday

ARGENTINA: Merval Falls 2.03% On Wednesday

04/25/2018 - 19:30:00 (RTTNews)

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, fell 2.03% to 29,946.83 points Wednesday, recordings the fifth consecutive drop. The banking sector was the most affected.

"The rise in the yields of the 10-year U.S. Treasuries, which is already above 3.00%, should add a lot of pressure on Argentinean assets," said Eduardo Fernandez, an analyst at Rava Bursatil.

The shares of Banco Macro (-5.14%), Grupo Financiero Galicia (-5.03%), and Grupo Supervielle (-4.76%) fell on Wednesday. Only Metrogas (+1.97%) and Valo (1.67%) closed higher.

Meanwhile, the locally traded U.S. dollar slightly fell (-0.03%), quoted at 20.25 Argentinean pesos, after a massive intervention by the Central Bank of Argentina (BCRA) to restrain greenback's appreciation.

"That situation was not in the calculations of the operators of the FX market, but the day began with a panorama of strengthing of the U.S. dollar against the other currencies, especially due to the increase in U.S. Treasuries yields," said Fernando Izzo, an analyst at ABC Mercado de Cambios.

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