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Financial News: ARGENTINA: Stocks Fall Amid Fears Of Capital Outflows

ARGENTINA: Stocks Fall Amid Fears Of Capital Outflows

07/06/2017 - 19:25:00 (RTTNews)

(RTTNews) - Merval Index reversed early gains to end the session in negative territory (-0.92%), at 22,225.15 points, amid fears that the dollar rally could hurt the economy and stimulate of foreign funds outflow.

Oscar Campos, an analyst at Intervalores, said that Merval fell mainly because of profit-taking and carry-trade deals involving the purchase of shares or bonds in pesos to a subsequent selling abroad, in US dollars.

The dollar decreased by 0.35%, closing at 17.08 Argentinean pesos, after rising throughout the week, with grain traders selling the greenback to profit with the record-high exchange rate.

Soledad Tortarolo, an analyst at Allaria Ledesma & Cia, noted that the Argentinean government is allowing the peso to decline to boost the local economy.

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