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Financial News: ARGENTINA: Stocks End Higher As Traders Expect Senate

ARGENTINA: Stocks End Higher As Traders Expect Senate Vote On Tariffs

05/30/2018 - 20:56:00 (RTTNews)

(RTTNews) - Merval, the benchmark stock market index in Argentina, ended 0.22% higher at 28,389.40 points Wednesday after falling for six consecutive sessions, with investors waiting for a Senate vote on a bill that could limit price increases to public services.

The decision drew market attention because it could harm the federal government fiscal consolidation plan.

The bill aims at lowering electricity, water and cooking gas prices to November 2017 levels and link future price increases to wage and producer prices growth.

The Argentinean Interior minister, Rogelio Frigerio, said that the government would do "what it has to do" if Senators endorse the proposal. Macri can veto the legislation or ask Argentinean courts to invalidate it.

Analysts say that the political landscape in Argentina is volatile and that markets are pricing the recent developments, hence the risk aversion sentiment in the country.

Agrometal (3.78%), Aluar (3.09%) and Tenaris (2.82%) had the best performances of the session amid Merval constituents, while YPF (-2.84%), Endesa Costanera (-2.54%) and Distribuidora de Gas Cuyana (-2.43%) were on the opposite end.

The locally traded U.S. dollar rose 0.36%, to 24.93 pesos. Demand for the greenback is rising near the end of the month, but the central bank is avoiding new market interventions, according to analysts.

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