ARGENTINA: Merval Collapses 4.41% For Profit-taking

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, plunged 4.41%, closing at 31,174.16 points Monday due to profit-taking launched last week and with the global aversion for risky assets amid higher odds that the United States Federal Reserve Bank should raise its benchmark interest rates soon.

"The Merval took as an excuse the external correction to also present strong profit-taking," said Personal Portfolio's analysts.

The locally traded U.S. dollar fell by 0.15%, closing at 19.47 Argentinean pesos, due to investors' demand for the local currency. Fernando Izzo, an analyst at ABC Mercado de Cambios, noted that the trading volume was 15% lower than of Friday.