23.10.201720:40:00UTC+00ARGENTINA: Merval Climbs 3.06% After Ruling Coalition Election Triumph

Merval, the main index of the Buenos Aires Stock Exchange, surged 3.06% Monday, closing at 27,806.16 after the ruling coalition victory in Sunday's legislative election. The result was widely expected by investors.

"With this result, Cambiemos [ruling coalition] now consolidates as the first political force at the national level, hence the euphoria that was experienced on Monday in the local equity segment," said Eduardo Fern?ndez, an analyst at Rava Burs?til.

Also, the oil companies posted strong highs after the increase in fuel prices announced today. YPF gained 5.11%, while Pampa rose 2.79%.

The shares of Macro (+8.02%), Cresud (+6.36%), Telecom (+6.33%), and Comercial del Plata (+6.30%) rose the most in Monday's session.

Meanwhile, the locally traded U.S. dollar fell 0.11%, closing at 17.41 Argentinean pesos, after the expected victory of the ruling coalition in Sunday's legislative elections.