ARGENTINA: Merval Falls 2.98% As Investors Take Profits And Square Positions
(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, reversed earlier gains caused by good quarterly results to close down 2.98% Friday at 27,116.99 points, hit by profit-taking. In the week, the Merval fell 3.10%.
Guido Macchi, from Macchi Valores, noted that most of the quarterly results released so far had been the best published by companies listed in Merval in a long time. Those results led investors to "take a break and produce a profit-taking to remake their positions or to withdraw for a while."
Mirgor fell 1.54% after reporting 636,862 million pesos gains for the nine-month period ended in September 2017. Central Puerto dropped 1.90% after profiting 2 billion pesos for the same period. Edenor lost 3% per share after reversing losses in the third quarter of 2017. Meanwhile, Sociedad Comercial del Plata receded 7.59% after reporting losses of 41 million pesos in the third quarter of 2017, increasing losses compared to the same period in 2016.
The locally traded U.S. dollar closed the last round of the week with a decrease of 0.10%, at 17.49 Argentinean pesos, still influenced by the interest rate hike conducted by the country's central bank earlier this week.