ARGENTINA: Merval Renews Record High Amid Investor Optimism

ARGENTINA: Merval Renews Record High Amid Investor Optimism

Merval, the main index of the Buenos Aires Stock Exchange, rose 0.56% Wednesday and renewed its record closing level, ending the session at 24,160.57 points. The Argentinean shares increased for the sixth consecutive session due to rising oil prices abroad and investor's optimism amid the economic growth and prospects of a good performance of the ruling party in the October legislative elections.

Viviana Bonifati, an analyst at Intervalores, said that “the local market operated with selectivity and maximum prices in the first part of the session.”

Petrobras was the stock that climbed more (+3.55%) after launching the process of selling 90% of its stake in Transportadora Associada de G?s S.A. (TAG). The shares of the construction company Comercial del Plata (+2.67%) and the Holcim cement company (+2.55%) increased due to the good indicators that the sector is getting. Aluar (+2.10%) and TGN (+1.98%) also rose. The highest drop was Consultatio (-2.20%), followed by Petrolera Pampa (-1.83%) and Pampa Energ?a (-1.60%).

The locally traded U.S. dollar fell 0.14%, to 17.21 Argentinean pesos, due to increased greenback supply by grain exporters. Likewise, there was a 28% increase in the volume traded compared to Tuesday.