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Financial News: CLOSING BRIEFING: Shares End Mostly Lower

CLOSING BRIEFING: Shares End Mostly Lower

06/27/2017 - 22:16:00 (RTTNews)

(RTTNews) - South American shares were mostly lower, with Brazil underperforming after the chief prosecutor in the country charged President Michel Temer with corruption. Traders fear that the political turbulence caused by the event end up delaying Congressional votes on economic reforms.

ARGENTINA Merval Index reversed its positive trend at the end of the session and fell by 0.32%, to 21,226.89 points, tracking stock markets performance abroad. According to Oscar Campos, an analyst at Intervalores, today was a day of correction. "The American market indexes traded amid slight losses as a result of the historical penalty imposed on technology giant Google by the European Commission," he said. Meanwhile, the locally traded US dollar rose by 0.45%, closing at 16.39 Argentinean pesos, with banks and companies migrating from peso-denominated investments to other types of dollarized assets, both in Argentina as well as abroad, explained analysts at ABC Foreign Exchange.

BRAZIL The corruption charge against President Michel Temer led the Ibovespa to a 0.82% drop, closing at 61,675.46 points. Investors are analyzing if the government will be able to carry on with its reforms agenda in the Congress. "The market realized that [Temer] will chain himself to the chair. If he keeps fighting, he will save his energy and that of his allies to remain in power, not to approve the reforms," said Alfredo Sequeira, a partner at DNAinvest. The charges against Temer need approval from the House of Representatives before a trial in the Supreme Court can begin. That discouraged investors, which view the discussion about that topic as an obstacle to a Congressional vote on the pension system reform.

According to Ignacio Crespo, an economist at Guide Investimentos, although the market was already waiting for the complaint, it extends political uncertainty for a longer time. Locally traded US dollar closed 0.51% higher, at R$ 3.3190 for sale. Tomorrow, the political scenario will continue to push Ibovespa down, according to Sequeira. Crespo, however, thinks that the index may rise if data on US oil inventories boost commodity prices and if foreign stock exchanges post gains.

COLOMBIA Colcap, the main index of the Colombian Stock Exchange, rose by 0.18%, closing at 1,437.72 points, due to the performance of Bancolombia, which climbed 2% today. Camilo Thomas, an analyst at Alianza Valores, said that Colcap closed on the positive ground due to Bancolombia's shares, which weighed on the index. Locally traded US dollar closed at $ 3,028.50 Colombian pesos, up 0.14%, after Janet Yellen, the US central bank president, made a speech at an event. Wilson Tovar, an analyst at Acciones & Valores, said that the currency closed up by the expectation of rate rises generated by Yellen's speech.

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