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Financial News: ARGENTINA: Stocks Fall After Central Bank Dismisses Quick

ARGENTINA: Stocks Fall After Central Bank Dismisses Quick Fix For Inflation

05/23/2018 - 19:51:00 (RTTNews)

(RTTNews) - Merval, the benchmark stock market index in Argentina, fell 2.13% to 30,329.46 points Wednesday after central bank governor Federico Sturzenegger dismissed a swift monetary policy normalization and a quick fix to the country's inflation.

"I understand that many of you are bothered by the current levels of the central bank's interest rates," Sturzenegger said during a congress in Buenos Aires. "I will not lie to you and say that rates will rapidly return to previous levels since the central bank must keep a stricter monetary stance to put the disinflation process on track."

Eduardo Fernandez, from Rava Bursatil, said that Sturzenegger statements were a "hard hit" to local markets.

He added that stocks from cement makers had a bad performance today after the government started to investigate the sector.

"Adding to that, there is a possibility of fewer public works and its potential impact on the construction sector," said Fernandez.

Loma (-12.75%), Holcim (-9.85%) and Agrometal (-7.16%) had the steepest falls in local markets, while Cresud (1.83%) and Tenaris (0,19%) had the largest increases.

The locally traded U.S. dollar rose 0.63%, to 24.47 pesos, amid higher demand for the greenback by banks and corporations that had to settle dollar-denominated transactions.

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