ARGENTINA: Merval Rises Slightly Amid Favorable Economic Data

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, closed with a slight rise (+0.15%) at 26,943.26 points Thursday, boosted by positive economic data.

According to Andrés Vilella Weiz, an analyst at Balanz Capital, the Merval could not manage to surpass 27,500 units in October and trades between 26,400 and 27,500 points ever since.

The analyst indicated that public bonds yields are high and make it very difficult for stocks to compete. Also, investors are cautious with the labor and pension reforms promoted by the governments in Argentina and Brazil.

Meanwhile, the credit risk agency Moody's Investors Service has upgraded to B2, from B3, the Argentinean sovereign rating, with a stable outlook, based on the macroeconomic reforms sponsored by Mauricio Macri's administration, and the likelihood that these reforms should sustain the South American country's economic growth.

Also, industrial activity in Argentina recorded a 4.4% growth in October on an annual basis, accelerating from the 2.3% increase posted in September, said the country's statistics office.

The locally traded U.S. dollar fell 0.74%, closing at 17.30 Argentinean pesos in the last round of November. Gustavo Quintana, an analyst at PR Corredores, said that "in November the U.S. dollar gave back all that was profited in October, returning to the levels of late September."