Argentina Stocks Fall 3.0% as Peso Slides | Argentina Market Report, Oct 26
Argentina's Merval fell 3.0% on Monday and the wholesale peso hit a record low as Brazil's crash spread; Argentine ADRs in New York lost up to 9.43%. The post Argentina Stocks Fall 3.0% as Peso Slides | Argentina Market Report, Oct 26 appeared first on The Rio Times .
Argentina's stock market experienced a sharp decline on Monday, as the sell-off in Brazil spread to Latin American assets. The Merval, Argentina's primary share index, closed down 3.0% at 99,227 points, while the peso weakened to ARS1,541 per US dollar. The country-risk gauge, indicating the additional yield investors demand for Argentine bonds, rose above 760 points.
The impact was more pronounced in New York, where Argentine companies' ADRs (American depositary receipts) saw sharper declines. Stocks like Mercado Libre and Grupo Supervielle suffered heavy losses. The decline was triggered by Brazil's political shock, which led to a sell-off in Brazilian assets and increased the demand for higher compensation for holding risk in the region.
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