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Financial News: ARGENTINA: Merval Rises 2.11% After Pension Reform Approva

ARGENTINA: Merval Rises 2.11% After Pension Reform Approval

12/19/2017 - 22:25:00 (RTTNews)

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, rose 2.11% Tuesday, closing at 27,710.17 points after the ruling party coalition pressed ahead with the approval of a pension reform sponsored by the Mauricio Macri's administration.

After a legislative session that lasted 17 hours and despite protests and clashes outside the Congress, the Argentinean ruling coalition passed the controversial pension reform at dawn. The legislation was approved in a 128-116 vote.

Analysts indicated that the market was firmer today given that the approval of the pension reform in the Congress, calms investors.

On the side of the companies, the President Mauricio Macri hosted the main executives of the company Lafarge Holcim (+2.01%), who announced the expansion of a cement plant in Córdoba through an investment of US$ 120 million.

The locally traded U.S. dollar climbed 0.84%, closing at 17.90 Argentinean pesos, due to the demand by banks and companies for covering positions. After its fourth consecutive rise, the greenback reached the highest level since the end of October in the local market.

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