ARGENTINA: Merval Drops On Profit-taking But Rises For The Week

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, fell 0.94% Friday, closing at 24,021.82 points, in an expected profit-taking by investors after seven trading sessions in a row of highs led the index to new record levels. In the week, the Merval gained 1.37%.

"After seven consecutive sessions of rallies, a reasonable profit-taking came to the local equity segment," said Eduardo Fernández, an analyst at Rava Bursátil.

Also, the analyst explained that fundamentals "showed that some papers had already found optimum levels of valuation. If we add that the international oil price observed a significant drop, resuming the downward path of the medium term, we will have all the necessary elements so that shares take a fair and necessary break."

The shares of Banco Francés (+1.09%), Holcim (+1.03%), Siderar (+0.81%), and Aluar (+0.39%) rose, while Telecom (-3.09%), Petrobras (-2.71%), and Banco Macro (-2.45%) fell.

The locally traded U.S. dollar closed with a slight rise of 0.02%, at 17.20 Argentinean pesos, maintaining stable behavior throughout the week.