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Financial News: ARGENTINA: Merval Rises 0.59% In Volatile Session

ARGENTINA: Merval Rises 0.59% In Volatile Session

09/20/2017 - 19:53:00 (RTTNews)

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, rose 0.59% Wednesday, closing at 24,358.04 points in a volatile session in which stocks swell between gains and losses until after the United States Federal Reserve Bank's decision to keep its benchmark interest rate unchanged, as expected. The Fed also announced that it would begin next month to reduce the assets on its balance sheet, also as expected by analysts.

"In a day without great news at the local level, the most momentous came from abroad," said Eduardo Fernández de Rava Bursátil. "The United States monetary authority kept interest rates unchanged, something that all markets in the world were expecting. On the other hand, the Fed also announced the end of the era of economic stimuli that came after the 2008 crisis and projected a rate hike from year-end. Global markets reacted almost unchanged to that piece of news."

The shares of Autopistas del Sol (+4,82%), Petrobras Brasil (+4.03%), TGN (+3.06%), Distribuidora de Gas (+2.57%), and Petrolera Pampa (+1.89%) rose, while Agrometal (-2.42%), Transener (-2.12%), Banco Francés (-1.62%), and Tenaris (-1.08%) fell.

Meanwhile, the locally traded U.S. dollar rose 0.32%, closing at 17.19 Argentinean pesos, adding its the fourth consecutive daily rise.

"Today's rise materialized in the last fifteen minutes of the session, when demand prevailed," noted Gustavo Quintana, an analyst at PR Corredores de Cambios.

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