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Financial News: ARGENTINA: Merval Rises 0.84% Ahead Legislative Elections

ARGENTINA: Merval Rises 0.84% Ahead Legislative Elections

10/22/2017 - 19:58:00 (RTTNews)

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, rose 0.84% Friday, closing at 27,030.26 points amid optimism among investors for the victory of the ruling coalition in Sunday's legislative elections. In the week, however, the Merval fell 0.55%.

"Investors moved to the polls because of the national legislative elections on Sunday. The expectation of a very good performance by the ruling party served as an excuse for the Merval index to be located again above the 27,000 points," said Eduardo Fernández, an analyst at Rava Bursátil.

However, the vote will occur amid a confusing scenario. The latest surveys point out to a technical tie between the ruling coalition and the former President Cristina Kirchner for the Buenos Aires' Senate chair after fresh news related to the "Maldonado affair."

A body found this week in the same region where searches for the 28-year old backpacker Santiago Maldonado were being conducted triggered social and political turmoil amid the electoral campaign.

Maldonado is missing since August 1. The backpacker disappeared shortly after surrendering and being arrested by the Gendarmerie during the border guards repression to a Mapuche demonstration over the claim of Indian ancestral lands in the province of Chubut, in Southern Argentina. The body found in the Chubut river this week was not identified yet, but since the news emerged, polls moved to a technical tie.

The shares of Distribuidora de Gas (+5.38%), Holcim (+4.02%), Pampa (+3.45%), Costanera (+3.43%), and Comercial del Plata (+3.25%) rose, while Telecom (-2.03%), PGR (-1.82%), and Boldt (-1.76%) fell.

The locally traded U.S. dollar closed down 0.22%, at 17.42 Argentinean pesos, while remaining almost stable throughout the week. According to Gustavo Quintana, an analyst at PR Corredores, revenues from abroad prevailed and forced the greenback's fall.

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