ARGENTINA: Merval Reverses Early Losses To Close 0.70% Higher

(RTTNews) - Merval, the main index of the Buenos Aires Stock Exchange, reversed early losses to close 0.70% higher Thursday at 27,225.49 points, with investors monitoring the vote on the pension reform bill in the Argentinean Congress.

The pension reform vote was suspended after opposition lawmakers successfully blocked the vote, amid a controversy regarding how many lawmakers were effectively on the House floor.

Meanwhile, most of the oil companies closed higher due to the rise in crude prices abroad. Oil and gas shares were also benefited by the Argentinean government intention to launch an oil and gas offshore prospection tender in July 2018.

The shares of Holcim (+6.21%), Boldt (+4.77%), Costanera (+3.05%), and TGN (+2.77%) rose, while Agrometal (-1.99%), Transener (-1.87%), and Mirgor (-1.46%) fell.

The locally traded U.S. dollar rose 0.98%, closing at 17,45 Argentinean pesos, reaching its best level since the beginning of December. Many investors, who monitored the vote on the pension reform in the House of Representatives, advanced operations in the face of a possible strike.