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Financial News: ARGENTINA: Merval Plummets 5.73% Due To Collapse Of

ARGENTINA: Merval Plummets 5.73% Due To Collapse Of Central Puerto Shares

02/03/2018 - 08:59:00 (RTTNews)

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, closed the last round of the week with a sharp fall (-5.73%), at 32,652.97 points Friday, driven by the collapse of the Central Port stock, which lost 16.76% in the day. During the week, the stock market fell 7.04%.

Analysts noted that the fall of the Merval was because the placement of Central Port's debt on Wall Street was made less than what was quoted in the local market.

Central Puerto (-16.76%) reported a final price for its initial public offering (IPO) in the United States of $ 1.65 per share, or $ 16.50 per ADS (American Depositary Share).

The value is below the initial range reported by IFR, a service of Thomson Reuters, fixed between 17.50 and 21.50 dollars per ADS.

The Argentinean state-owned oil company YPF (-4.23%), in association with Petronas E&P Argentina (PEPASA), reported that it plans to move ahead with a project in the La Amarga Chica area, in the Province of Neuquén, in the Vaca Muerta field.

The locally traded U.S. dollar rises 0.61%, quoted at 19.50 Argentinean pesos, in a volatile day, rebounding from Thursday's low.

"The international climate helped to reverse the fall experienced by the dollar yesterday at the local level, stimulating the dollarization of portfolios," said Gustavo Quintana, an analyst at PR Corredores.

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