Merval, the main index of the Buenos Aires Stock Exchange, rose 0.82% Monday, closing at 23,912.22 points, reversing initial losses, driven by banking and energy shares. Also, investors are tracking the launch of the campaigning season for the October legislative elections.
“The Merval index is still within a range between 23,500 and 24,300 points. Today the market tested the minimum level range, and the leading stocks rebounded once it was reached,” said Eduardo Fern?ndez, an analyst at Rava Burs?til.
On the corporate side, Petrobras fell 0.34% after reporting that its total oil and gas production fell 0.73% in August compared to July.
The shares of Banco Franc?s (+5.02%), Agrometal (+4.52%), Transener (+2.86%), Comercial del Plata (+1.80%), and Siderar (+1.67%) rose, while Holcim (-0.94%), Aluar (-0.80%), San Miguel (-0.73%), and Costanera (-0.69%).
The locally traded U.S. dollar rose 0.85%, closing at 17.12 Argentinean pesos, reversing part of the accumulated losses in the previous week.
“Important purchase orders triggered a significant exchange rate reaction that recovered more than half of the previous week loss,” said Gustavo Quintana, an analyst at PR Corredores.
The material has been provided by InstaForex Company – www.instaforex.com