ARGENTINA: Merval Sinks 3.76% On Profit-taking

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, deepened a correction course started last week and fell 3.76% on Tuesday to 25,709.30 points, with all of its constituents down.

According to Martin Przybylski, Cohen's portfolio manager, the stock market follows a profit-taking trend. The Merval fell 11% in the last three sessions. According to the analyst, there was no special reason for today's low except for profit-taking.

Banco Macro's shares fell 13.43%, taking market-players unwarned. Martin Przybylski noted that Macro's owner could be involved in a corruption case related to the former vice-president Amado Boudou.

Meanwhile, the locally traded U.S. dollar closed with a slight decrease (-0.02%), at 17.49 Argentinean pesos, on a day of bidding of Central Bank Letters (Lebac). The greenback's downward trend was related to the tender, said Gustavo Quintana, an analyst at PR Corredores.