Argentine stocks fell on Friday in thin trade, following declines in other bourses in the Americas, traders said. The MerVal index of the 11 leading stocks eased 1.52 percent to 1435.08 points, with index heavyweight Group Financiero Galicia falling 2.9 percent to 2.32 pesos. The MerVal ended the week with a 0.3 percent decline, while maintaining a gain so far in May of 6.4 percent. Trade volume was modest at 47.8 million pesos ($16.5 million). "There was general profit-taking, influenced by what happened in foreign markets," said Hector Bergoglio of Rabello y Compania brokerage. Brazil's Bovespa index lost 1.23 percent on Friday.
Traders said the market is waiting for news of the completion of Argentina's debt swap after a New York appeals court lifted an embargo on $7 billion in defaulted bonds last week.
"Until we see the actual delivery of the swap bonds, we do not expect institutional buying that will permit a new upward trend," said Dionisio Corneille, of the brokerage of the same name.
In the foreign exchange market, the peso closed steady at 2.895/2.8975 per dollar despite the dollar's recovery around the world.
Argentina's peso remains strong against the dollar due to export earnings from the current the soy harvest and other investment inflows, prompting the central bank to soak up excess dollars and stem a further appreciation of the peso.
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