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Financial News: ARGENTINA: Merval Rises 0.55% On ADRs And Reforms

ARGENTINA: Merval Rises 0.55% On ADRs And Reforms

11/07/2017 - 19:15:00 (RTTNews)

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, closed up 0.55% at 28,133.18 points Tuesday due to the good performance of the Argentinean ADRs on Wall Street in Monday's session - when the local market remained closed on a holiday. The Merval was also boosted by the labor and tax reforms that the Argentinean government intends to implement.

According to Adrian Mayoral, an analyst at Mayoral Bursátil, the good performance of the ADRs, added to a tour by the President Mauricio Macri to New York to lure investors, and the labor and tax reforms, support the optimism. He expects that the index will continue to rise.

On the side of the indicators, Argentina's central bank raised its main interest rate by 100 basis points (bp), to 28.75%, amid an increase in inflation expectations and scheduled increases in regulated prices.

Holcim (+1.79%) reported a 331 million Argentinean pesos net profit in the third quarter, a 130.52% rise when compared to the same quarter of 2016. The share increased 1.79%.

The shares of Siderar (+5.20%), Costanera (+5.08%), Aluar (+3.79%) also rose, while Comercial del Plata (-2.53%) and Telecom (-2.19%) fell.

The locally traded U.S. dollar rose slightly (+0.05%), closing at 17.65 Argentinean pesos, returning from a local holiday in a session in which the currencies had one hour less of trading due to technical problems.

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