Argentina Stocks Fall 1.30% as Banks Slip | Argentina Market Report, Oct 28
Argentina’s Merval index fell 1.30% to 95,438.89 on Wednesday as banks slid and country risk rose to 763 basis points; the official dollar held at ARS 1,560. The post Argentina Stocks Fall 1.30% as Banks Slip | Argentina Market Report, Oct 28 appeared first on The Rio Times .
Argentina's stock market experienced a decline of 1.30% on Wednesday, with the Merval index falling to 95,438.89 points. The decline was largely driven by banks, which saw significant losses, including Grupo Galicia (-3.7%), Supervielle (-4.2%), BBVA Argentina (-3.1%), and Banco Macro (-2.5%). The country-risk gauge, which reflects investor nervousness about Argentina, stood at a high of 763 basis points.
Brazil's market also suffered, with the Ibovespa index dropping 2.68% and the Brazil ETF EWZ falling 1.98%. Meanwhile, oil producers YPF and Vista saw gains of 1.8% and 1.0%, respectively, as crude prices rose. The US dollar remained relatively stable, with the official rate at Banco Nación remaining unchanged at ARS 1,560. The Merval's decline was smaller than Brazil's, and the index traded between 94,795 and 97,074 during the session.
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