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Financial News: ARGENTINA: Profit Taking Hits Merval Index After Recent

ARGENTINA: Profit Taking Hits Merval Index After Recent Bullish Trend

01/10/2018 - 20:59:00 (RTTNews)

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, fell 1.61% to 31,618.65 points Wednesday in an expected profit-taking move after a bullish rally of almost two weeks and after a lower-than-expected cut to the country's benchmark interest rate.

The Central Bank of the Argentine Republic (BCRA) decided yesterday to reduce the country's interest rate by 75 basis points (bp), to 28% per year. Although the movement was priced by the market, the reduction was less than expected.

"After the cut, the shares went through deep profit-taking," said economist Salvador Di Stefano. "It is time to rest. The dollar and stocks will fall, and once again those who bet on the peso won."

Boldt's shares fell 4.52%, even after the company closed its fiscal year with a profit of 489 million pesos, a rise of 162.57% compared to the one obtained a year earlier.

Meanwhile, the locally traded U.S. dollar fell 1.68%, closing at 18.62 Argentinean pesos.

"The moderate drop in rates set yesterday by the BCRA seemed to influence the behavior of the exchange market that lost much of the previous rises," said Gustavo Quintana, an analyst at PR Corredores.

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