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Financial News: ARGENTINA: Trade War Fears Hit Global Stock Markets

ARGENTINA: Trade War Fears Hit Global Stock Markets And Weigh On Merval

03/25/2018 - 09:25:00 (RTTNews)

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, closed the last session of the week with 1.07% drop, at 31,533.13 points, after U.S. stock markets fell due to increased fears of a trade war between the United States and China.

The Merval ended lower even after oil prices rose and boosted Petrobras shares (+1.29%). In the week, the index lost 3.22%.

Among the worst drops were Andes Energ?a (-5.07%), Consultatio (-4.10), Endesa Costanera (4.10%), Boldt (-3.36%), and Aluar (- 3.09%).

Meanwhile, the locally traded U.S. dollar closed down 0.17%, at 20.19 Argentinean pesos, dropping after a new intervention by the Central Bank of Argentina (BCRA). According to Gustavo Quintana, an analyst at PR Corredores, "the BCRA kept its intervention strategy in the foreign exchange market and again used reserves to place the greenback below $ 20.20, away from historical highs."

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