Merval, the main index of the Buenos Aires Stock Exchange, ended Wednesday with a sharp drop of 8.80% to 25,965.99 points, recording the fourth consecutive decline. The expectations of a gloomy local and global economic scenario in the coming months affected the mood of investors.
“Today we saw how the equity segment accelerated the aforementioned bearish process because the local market continues to discount a bad economic scenario for the coming months, as a result of the latest economic measures taken by the government,” said Eduardo Fernandez, an analyst at Rava. Bursatil.
The worst losses were recorded by Endesa Costanera (-16.08%), PGR (-15.62%), and Cablevisi?n (-13.99%), while Tenaris (+4.5%) and Petrobras (+0.95%) rose.
Meanwhile, the locally traded U.S. dollar rose 1.25%, to 27.44 Argentinean pesos. The greenback appreciated despite the bidding of the Argentinean Central Bank (BCRA) for the financing provided by the International Monetary Fund (IMF) to meet the expenses denominated in pesos.