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Financial News: ARGENTINA: Merval Rises For The 14th Session And

ARGENTINA: Merval Rises For The 14th Session And Hits New Record Level

01/08/2018 - 17:33:00 (RTTNews)

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, rose 0.62% Monday to close at 32,390.57 points, a new record, after testing lower levels earlier . It was the index's 14th consecutive session of gain.

Amid Merval's rally, market players expect a reduction in basic interest rates in the monetary policy decision expected for Tuesday.

"We forecast that the short-term rate set by the Central Bank could not fall more than two percentage points. At the most the central bank would lower it to 26.75% per year," said economist Salvador Di Stefano.

The shares of Agrometal (-3.88%), Consultatio (-2.87%), Aluar (-2.16%), and Boldt (-1.84%) closed down, while Holcim (+5.15%), Transener (+4.31%), YPF (+4.04%), and Autopistas del Sol (+3,03%) rose.

The locally traded U.S. dollar closed up 0.67% at 19.03 Argentinean pesos while investors are waiting for the meeting by the board of the country's central bank. The benchmark interest rate in Argentina is currently at 28.75% per year.

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