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Financial News: ARGENTINA: Merval Rises 0.46% Amid Oil Spike, Despite

ARGENTINA: Merval Rises 0.46% Amid Oil Spike, Despite Thin Trading Volume

04/18/2018 - 21:23:00 (RTTNews)

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange rose 0.46%, closing at 31,550.03 points, boosted by the energy sector, driven by a spike in oil prices abroad, despite the thin trading volume.

"It is very likely that this intraday adjustment has had to do with the postponement for a week of the new capital market legislation. Remember that this issue, along with others, was one of the many requirements that MSCI required upgrade Argentina from frontier market to an emerging one," said Eduardo Fernandez, an analyst at Rava Bursatil.

The prices of future oil contracts rose by more than 2%, with the WTI reaching the highest level in three years. PGR (+4.59%) and Petrobras (+4.03%) recorded outstanding gains.

The shares of Loma Negra (+3.96%), Holcim (+2.17%), and Tenaris (+2.01%) also rose, while Metrogas (-4.22%), Cablevisi?n (-1.67%), and Pampa Energia (-1.68%) fell.

Meanwhile, the locally traded U.S. dollar fell 0.22%, quoted at 20.13 Argentinean pesos. According to Fernando Izzo, an analyst at ABC Mercado de Cambios, investors took into account a possible hike in the basic interest rate as of May if inflation does not fall as expected by the central bank.

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