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Financial News: ARGENTINA: Stocks And Peso Fall, Tracking Markets Abroad

ARGENTINA: Stocks And Peso Fall, Tracking Markets Abroad And Local Tensions

05/02/2018 - 18:09:00 (RTTNews)

(RTTNews) - Merval, the benchmark stock market index in Argentina, fell 1.03%, to 29,695.54 points, tracking markets abroad and weighed by the same lack of confidence that sent the locally traded US dollar above 21 pesos.

The locally traded US dollar rose 3.23%, to 21,20 pesos, in spite of central bank intervention in the forex markets to support the Argentinean currency.

According to Fernando Izzo, from ABC Mercado de Cambios, investors are selling their peso-denominated assets despite the central bank's effort to keep the currency afloat - including last week's unexpected rate hike.

Eduardo Fernandez, from Rava Bursatil, said that the local market reacted to "political noise" regarding public services prices. Opposition lawmakers are trying to block an increase in those tariffs.

According to Marcos Pera, the Argentinean government's chief of staff, the federal administration will block any fiscally unsustainable bill to prevent an increase in public services prices.

"The opposition's proposal is unattainable in fiscal terms irresponsibility. And, as it is, will be vetoed. We do not want to make room for such demagogy that puts development at risk," said Pe?a in an interview to a local radio.

Rising public services prices were one of the reasons why inflation spiked in Argentina in the first quarter, according to the country's central bank.

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