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Financial News: ARGENTINA: Stocks Fall More Than 2% Amid Economic

ARGENTINA: Stocks Fall More Than 2% Amid Economic Uncertainty

05/22/2018 - 20:39:00 (RTTNews)

(RTTNews) - Merval, the benchmark stock market index in Argentina, fell 2.11% to 30,962.28 points Tuesday, hit by profit-taking and tracking other stock markets abroad, amid rising uncertainty about the Argentinean economy.

"There were local factors affecting today's session. Among them, we can mention the uncertainty around the government negotiation with the International Monetary Fund. There is also April inflation, which was high, and May inflation, that could be even worse, and earnings reports,' said Eduardo Fernandez, from Rava Bursatil.

The list of stocks with the worst performance was headed by Supervielle (-8.07%), Endesa Costanera (-7.14%) and Metrogas (-6.73%). Agrometal was the only Merval company to end higher (3.71%).

The locally traded U.S. dollar fell 0.28%, to 24.32 pesos, as traders waited for the central bank decision, released after the end of the session. The monetary authority kept the interest rate unchanged at 40% - in line with market expectations.

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