2017.07.2520:30:00UTC+00ARGENTINA: Stock Market Falls Due To Political Uncertainty

Merval, the main stock index in the Argentinean financial market, fell 0.26% Tuesday, at 21,253.66 points. Oil prices abroad boosted the sector's shares but did not help to reverse the losses in energy and gas stocks.

"We again had a market with a downward trend, with a small amount traded. Everything is likely to continue, at least until August 13, when primary elections will be held," said Eduardo Fern?ndez, an analyst at Rava Burs?til.

The analyst noted that the only thing that could move the market, at least for the very short-term, is the quarterly corporate earnings.

Sociedad Comercial del Plata closed down 1.81% after denying versions claiming that it had bought a 70% stake in the company Morixe Hnos. Central Costanera was the stock that fell the most (-4.03%), after presenting its consolidated balance for the first half of 2017 with losses of 63 million pesos.

Meanwhile, the locally traded US dollar closed up 0.28%, at 17.48 Argentinean pesos. According to Fernanzo Izzo, an analyst at ABC Mercado de Cambios, there is still demand for the greenback even after a government intervention in foreign exchange markets to curb the dollar rise.