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Financial News: CLOSING BRIEFING: South American Shares Rise, But Local

CLOSING BRIEFING: South American Shares Rise, But Local Currencies End Down

06/29/2017 - 22:05:00 (RTTNews)

(RTTNews) - South American stock markets ended higher, even amid rising risk aversion in equity markets abroad, boosted by positive domestic data and rising commodity prices. Local currencies, however, closed lower, amid fears of sooner rather than later monetary policy tightening at the United States.

ARGENTINA Merval Index rose by 0.40%, closing at 21,481.62 points, after positive data on the construction and the industrial sector. According to Eduardo Fern?ndez, an analyst at Rava Burs?til, it is still difficult to define a clear trend for short to medium terms.

"Today, the classic scenario of low volatility and a small volume of business was repeated," he noted. Locally traded US dollar, meanwhile, rose by 0.30% and closed at 16.50 Argentinean pesos - a new settlement record high, due to portfolio rebalancing at the end of the month and by a retraction in the volume of foreign currency liquidation by agro-export firms. BRAZIL Ibovespa rose 0.36%, closing at 62,238.95 points, pushed higher by commodity-linked stocks, Kroton shares, and news that the labor reform bill cleared the last hurdle before a Senate floor vote in July. Vale's shares (VALE3 +0.38%, VALE5 +0.48%) and Petrobras' (PETR3 +1%, PETR4 +0.82%) tracked iron ore and oil prices abroad, while Kroton shares (KROT3 +2.40%) rose near the end of the trading session and were among the most traded today after regulators blocked its merger with Est?cio.

Analysts believe that the company will pursue other acquisitions. Tomorrow, investors expect little change to Ibovespa and will monitor commodity price rises and the local political scene. The locally traded US dollar closed up 0.73%, at R$ 3.3080.

COLOMBIA Colcap, the main index of the Colombian Stock Exchange, rose 0.65%, closing at 1,458.71 points, boosted by Bancolombia's and Ecopetrol's shares. Both have significant weight on Colcap. Camilo Silva, an analyst at Valora Investments, said Bancolombia's shares rallied for the second consecutive session after the Morgan Stanley pointed to the bank's papers as its Colcap favorites.

Locally traded US dollar closed at 3,048.30 Colombian pesos, gaining 0.90%. Agust?n Vera, an analyst at Global Securities, said that US banks rallied for the fourth consecutive session after Fed's news gave arguments to a continued rebound in the currency, already set in motion by signs of a tighter monetary policy.

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