Merval, the main index of the Buenos Aires Stock Exchange, rose 1.53%, closing at 32,036.37 points Thursday amid good quarterly results and inflation data in Argentina.
The Argentinean Consumer Price Index rose by 1.8% in January 2018, said the country’s statistics office. Despite the deceleration, the reading was higher than market expectations for the monthly consumer price inflation (+1.5%).
Analysts noted that it seems convenient to take advantage of the entry points in the market share left by the recent correction in the Merval.
Meanwhile, the Argentinean President Mauricio Macri received the CEO of the Telecom Argentina group, Carlos Moltini, who announced that the company would launch an investment plan for US$ 5 billion this year to expand and improve the telecommunications service. The company’s shares fell 1.08%.
Distribuidora de Gas Cuyana (+5%) reported a net profit of 588 million pesos for its fiscal year of 2017.
The locally traded U.S. dollar fell 1.20%, closing at 19.66 Argentinean pesos, with investors unmaking positions to buy local currency.
“Investors and companies turned around their positions in dollars in search of better returns on assets in pesos,” said Fernando Izzo, an analyst at ABC Mercado de Cambios.