Merval Rises 1.11% Amid Lowering Support For Cristina Kirchner

(Agencia CMA Latam) – Merval, the benchmark stock market index Argentina, rose 1.11% Thursday, closing at 21,158.35 points, reversing its bearish trend after opinion polls suggested a technical tie in the primary legislative elections in the Province of Buenos Aires, where former President Cristina Kirchner will run for a seat in Congress.

“We can say that the progress of the shares was due to a greater calm in the market, as well as to surveys that now show a technical draw in the province of Buenos Aires,” said Eduardo Fernández, an analyst at Rava Bursátil.

Investors in Argentina fear that the economic reforms presented by the current government could be hampered by the political rise of former president Cristina Kirchner in the next legislative elections.

Consultatio, which rose 2.68%, reported a net profit of 526 million pesos in the second quarter of 2017, 20.56% higher than in the same period of 2016.

Distribuidora de Gas Cuyana rose by 0.18% after reporting a net profit of 81.97 million pesos in the second quarter of 2017, reversing losses of 22.2 million in the first quarter of the year and 33.8 million pesos in the same period of the year past. In the wheel, rose 0.18%.

Telecom fell by 0.91% in the day despite reporting a net profit of 3.639 billion pesos for the first half of the year, 109.5% higher than in the same period in 2016.

Meanwhile, Banco Macro shares ended stable after the company reported a 2.015 billion pesos (US$ 112 million) net income for the second quarter, a 12% larger profit than in the second quarter of 2016.

Finally, Petrolera Pampa climbed 1.83% after reporting a net profit of 294.9 million pesos in the second quarter of 2017, a 157.38% increase over the same period of 2016.

The locally traded US dollar closed stable (+0.02%), at 17.70 pesos, amid successive central bank interventions in the foreign exchange market ahead of the legislative primaries.

by Agencia CMA Latam

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