ARGENTINA: Merval Tracks ADRs And Rises 1.72% After Friday Holiday

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, closed up 1.72% at 27,304.38 points Monday, with a majority of shares rising after the local holiday on Friday tracking the price increase in the country's American Depositary Receipts (ADRs).

Personal Portfolio analysts said that the local shares might continue under some downward pressure, "but within a floor that we do not consider very far." This correction is based on a profit-taking logic, once the shares accumulate yields of around 55% in pesos so far this year.

Pampa Energía (+0.11%) announced that it celebrated with Trafigura Ventures B.V. and Trafigura Argentina S.A. an agreement for the sale of the group of assets related to the segment of refining and distribution, subject to compliance with certain preceding conditions, to be fulfilled in approximately three months.

The shares of Petrolera Pampa (-1.67%), Autopistas del Sol (-1.54%), and Aluar (-1.13%) fell, while TGS (+6.46%), TGN (+5.26%), Galicia (+4.69%), and Edenor (+4.19%) rose.

The locally traded U.S. dollar closed down 0.24%, at 17.23 Argentinean pesos in the first round after a local holiday last Friday.

"Significant sales orders impacted on the price of the U.S. dollar, which was accommodated at a lower level than last week," said Gustavo Quintana, an analyst at PR Corredores.