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Financial News: MERCADO ARGENTINA: Stocks Rise 0.56% Boosted By IMF

MERCADO ARGENTINA: Stocks Rise 0.56% Boosted By IMF Statement

05/17/2018 - 17:48:00 (RTTNews)

(RTTNews) - Merval, the benchmark stock market index in Argentina, rose 0.56%, to 31,839.78 units, ending a volatile session on a positive note after the International Monetary Fund (IMF) showed its willingness to work with the country's government in the program for a stand by credit line.

According to Gerry Rice, IMF's communications director, the deal under negotiation between the Fund and Argentina belongs to the country and will arise from the Argentinean necessities.

"The stock market improvement was related to statements from the IMF representative supporting president Macri and saying that the Fund recognizes the central challenges affecting the Argentinean economy," said Eduardo Fernandez, from Rava Bursatil.

Stocks from Metrogas (8.02%), Cablevision (4.66%) and Distribuidora de Gas Cuyana (3.84%) had the best performance in the session, while Comercial del Plata (-3.57%), Petrobras (-3.33%) and Holcim (-2.61%) were at the opposite end.

The locally traded U.S. dollar rose 0.12%, to 24.32 pesos, and seemed to find a new point of equilibrium, since there was no market intervention from the Argentinean central bank today, according to market participants.

Gustavo Quintana, from PR Corredores, said that the absence of the central bank points to the government's intention to let the markets strike a balance without external influence.

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