MercoPress, en Español

Montevideo, September 21st 2018 - 21:50 UTC

Argentine stock market reaches a new record, 13th session running of gains

Saturday, January 6th 2018 - 09:45 UTC
Full article 6 comments
Friday's stock market rise occurred in spite a temporary profit-taking again during the midday Friday's stock market rise occurred in spite a temporary profit-taking again during the midday
Vehicle output fell by 17% in December from the same period of 2016, and dropped 26.4% compared to November, totaling 33,280 units, reported (Adefa). Vehicle output fell by 17% in December from the same period of 2016, and dropped 26.4% compared to November, totaling 33,280 units, reported (Adefa).

Good and not so good news from Argentina. Merval, the main index of the Buenos Aires Stock Exchange, rose 0.79% to 32,505.59 points on Friday, a new settlement record that marked the 13th consecutive session of gains to the Argentine stock market. Merval had a weekly gain of 7.11%.

 However vehicle output fell by 17% in December from the same period of 2016, and dropped 26.4% compared to November 2017, totaling 33,280 units, reported the Argentinean Association of Automotive Manufacturers (Adefa).

Friday's stock market rise occurred in spite a temporary profit-taking again during the midday, as it did during the last few sessions to then recover and close in positive territory.

Analyst Daniel Mackintosh, from R. Mackintosh brokerage, noted that the trading volume was of nearly 982 million pesos, an unusually high figure for January.

Mackintosh said that the recent rise of the stock market is due to the money of foreign investors that continues to enter the Argentine market due to the expectation that between February and March the country will be reclassified from “frontier” to “emerging” market.

YPF's shares fell 1.80%. The Oil Workers Union of the province of Santa Cruz informed that they decided to initiate a measure of force from Friday's midnight for an indeterminate time.

As to the Adefa release, the monthly decrease in production reflects the lower number of working days and a holiday break in four industrial plants. According to the association, last December had 14 working days, four days less than in December 2016.

Auto exports in December totaled 18,202 units in December, 4.8% less than in November and 3.2% below the 18,802 vehicles sold abroad in December 2016. During 2017, the auto sector exports totaled 209,587, a 10.3% growth compared to the previous year.

Meanwhile, the locally traded U.S. dollar closed up 1.46%, at 18.90 Argentine pesos due to a large seasonal demand. According to Gustavo Quintana, an analyst at PR Corredores, the foreign exchange session was volatile, and the exchange rate reached record highs after overcoming the 19 pesos barrier intraday.

Categories: Economy, Argentina.

Top Comments

Disclaimer & comment rules
  • Marti Llazo

    Ridiculous Reekie's blindness continues to amaze. Or is it simply his characteristic mendacity?

    Assessment published 21 Dec 2017:

    ”The Argentine economy surprised to the upside in Q3 growing 0.9 percent sequentially, while rising 4.2 percent versus a year earlier compared to only increasing 2.9 percent during Q2. Personal consumption expenditures (PCE) increased 4.2 percent on a year-earlier basis after growing 4.0 percent in Q2. Meanwhile, real exports of goods and services rose 2.1 percent. Interestingly, real imports of goods and services, which enter the calculation of GDP with a negative sign, surged 18.7 percent during the quarter, underscoring the strength of the Argentine economy during the period. Total demand increased a strong 7.4 percent on a year-earlier basis after an increase of 4.3 percent during Q2. Meanwhile, real gross fixed investment, which has been the lagging sector of Argentina's economic recovery, surged 13.9 percent versus a year earlier after an increase of 6.9 percent in Q2. On the positive side, the Argentine economy did not have much help from the government sector. Real government consumption increased 1.8 percent on a year-earlier basis after rising 3.5 percent in Q2.”

    Jan 06th, 2018 - 09:04 pm +3
  • Marti Llazo

    “...YPF's shares fell 1.80%. The Oil Workers Union of the province of Santa Cruz informed that they decided to initiate a measure of force...”

    In English, this would mean that the kirchnerist union is going on strike to create conditions which will cause its shares to fall to new lows, and in doing so expects to create fuel shortages in the region and reduce economic output for other sectors.

    Jan 06th, 2018 - 11:10 am +2
  • Marti Llazo

    Reekie will be so annoyed to see that the law calling Argentina's condition an “ economic emergency” has not been renewed, effective this month (after 16 years of mostly peroncho screwing with the economy).

    ' Se “termina” la Emergencia Económica tras 16 años de vigencia '

    Jan 08th, 2018 - 01:55 am +2
Read all comments

Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!