Argentina Stocks Down On China Slide; Bonds Little Changed
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Argentina Stocks Down On China Slide; Bonds Little Changed By Drew Benson Of DOW JONES NEWSWIRES BUENOS AIRES (Dow Jones)--Argentine stocks slid Monday, following a mild downturn in neighboring Brazil triggered by an 8% drop on China's Shanghai stock exchange. Meanwhile, locally traded bonds were little changed, while the peso continued to edge stronger against the dollar despite central bank intervention, closing at ARS3.025/dollar from ARS3.075 Friday. The stock exchange's benchmark Merval Index ended0.38% lower at 2,240.65 points, retreating slightly on profit-taking after hitting a record level on Friday. The broader General Index ended 0.28% lower at 119,665.79 points. Volume declined to 87.9 million pesos, with ARS74 million of that in local shares. Trading continued to be selective, with power transporter Transener (TRAN.BA) rising 3.14% to ARS1.97, while banking sector shares lost ground. Among these, Banco Macro (BMA) ended 2.29% lower at ARS10.65, while Grupo Financiero Galicia (GGAL) slid 1.22% to ARS3.23. In the local debt market, the Discount bond in pesos ended 0.03% higher at ARS152.1 in heavy trading, while the Par in pesos slid 0.09% to ARS58.30.
Argentina Stocks Down On China Slide; Bonds Little Changed By Drew Benson Of DOW JONES NEWSWIRES BUENOS AIRES (Dow Jones)--Argentine stocks slid Monday, following a mild downturn in neighboring Brazil triggered by an 8% drop on China's Shanghai stock exchange. Meanwhile, locally traded bonds were little changed, while the peso continued to edge stronger against the dollar despite central bank intervention, closing at ARS3.025/dollar from ARS3.075 Friday. The stock exchange's benchmark Merval Index ended0.38% lower at 2,240.65 points, retreating slightly on profit-taking after hitting a record level on Friday. The broader General Index ended 0.28% lower at 119,665.79 points. Volume declined to 87.9 million pesos, with ARS74 million of that in local shares. Trading continued to be selective, with power transporter Transener (TRAN.BA) rising 3.14% to ARS1.97, while banking sector shares lost ground. Among these, Banco Macro (BMA) ended 2.29% lower at ARS10.65, while Grupo Financiero Galicia (GGAL) slid 1.22% to ARS3.23. In the local debt market, the Discount bond in pesos ended 0.03% higher at ARS152.1 in heavy trading, while the Par in pesos slid 0.09% to ARS58.30.
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