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Financial News: ARGENTINA: Stocks Fall 3% After Macri Statements

ARGENTINA: Stocks Fall 3% After Macri Statements

05/28/2018 - 19:23:00 (RTTNews)

(RTTNews) - Merval, the benchmark stock market index in Argentina, fell 3% to 28,774.34 points Monday, tracking the decline of Petrobras and after the country's president, Mauricio Macri, asked lawmakers to block a bill that would limit price adjustments to public services.

Petrobras shares fell 12.96% amid fears that the trucker strike in Brazil against high diesel oil prices will force the company to change its fuel price policy. Rumors that Pedro Parente, the firm's president, could step down also weighed on the shares, as well as an oil workers' strike which began this weekend.

President Macri requested that senators refrain from supporting a bill from the opposition that limits increases to public services prices - and that also influenced the Argentinean markets. He said that the law is "unconstitutional."

The locally traded U.S. dollar rose to a record high of 24.71 pesos, amid higher seasonal demand for the greenback and the risk-averse scenario in the country, according to analysts.

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