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Financial News: CLOSING BRIEFING: South American Stock Markets End Almost

CLOSING BRIEFING: South American Stock Markets End Almost Unchanged

07/05/2017 - 21:46:00 (RTTNews)

(RTTNews) - South American shares ended almost unchanged, with a 4% decrease in oil prices weighing on all the local stock markets. In Argentina, the local currency weakness compared to the US dollar helped to keep the stock market in the black, while in Colombia unit creation by the largest Colcap ETF prevented a negative closing.

ARGENTINA

Merval index rose by 0.13%, closing at 22,415.77 points, boosted by the peso devaluation, which increased the demand for companies that rely on exports and have their shares traded on foreign financial markets. Lower oil prices, however, weighed on oil and gas shares and kept the Merval from rising further.

Oil prices fell around 4% amid rumors that Russia was undermining a potential plan from the Organization of the Petroleum Exporting Countries (OPEC) to cut production further.

Locally traded US dollar rose to 17.14 per dollar (+1.72%). Javier Salinas, an analyst at Oubi?a Cambios, said that the record high is in line with the currency behavior in previous sessions.

Traders mentioned that the dollar rise reflects political uncertainty before the legislative elections, higher demand by banks and companies to cover short positions and the MSCI's decision to keep Argentina as a frontier market, instead of upgrading the country to the emerging market status.

BRAZIL

Ibovespa closed 0.12% down, at 63,154.17 points, with investors turning cautious amid falling commodity prices and after the US Federal Reserve signaled that it might reduce its balance sheet before raising interest rates again.

"The drop seen today is more because of commodities. Oil fell more than 4%.

Iron ore also fell," said DNAInvest partner Leonardo Ramos.

Traders are also waiting for Congressional votes on economic reforms and a decision from the House of Representatives regarding a corruption charge against President Michel Temer. News about both events, however, should come only next week.

Ramos believes that tomorrow Ibovespa should follow commodity prices again, potentially rising if oil prices rebound from today's decline.

Locally traded US dollar, meanwhile, fell by 0.45%, at R$ 3.2950 for sale.

COLOMBIA

Colcap, the main index of the Colombian Stock Exchange, rose by 0.36%, closing at 1,480.52 points, boosted by unit creation by iColcap, the largest Colombian ETF. Sergio Naranjo, an analyst at Alianza Valores, said that development prevented the local stock market index from falling amid the oil prices collapse.

Locally traded US dollar closed at 3,084.00 Colombian pesos, a 1.28% rise. Andres Fonseca, another analyst at Alianza Valores, noted that the 4% drop in WTI oil prices boosted the US currency.

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