23.04.201819:29:00UTC+00ARGENTINA: Merval Falls For The Third Consecutive Session

Merval, the main index of the Buenos Aires Stock Exchange, fell 0.67% to 30,952.16 points Monday for the third consecutive drop.

In spite of an early rise, the Merval changed course after the Argentinean President Mauricio Macri asked municipalities and the provinces to provide a tax break for utility bills.

The shares of VALO (-5.30%), Metrogas (-4.51%), Endesa Costanera (-4.42%), Distribuidora de Gas Cuyana (-3.32%), and Transportadora de Gas of the South (-2.48%) closed lower, while Banco Franc?s (1.48%) and Loma (1.21%) rose.

"There are also doubts about whether the new Capital Markets Legislation should be approved in Congress," said Eduardo Fern?ndez, an analyst at Rava Bursatil.

Meanwhile, the locally traded U.S. dollar rose 0.34%, quoted at 20.26 Argentinean pesos, keeping the upward trend and reaching the highest level in recent weeks. The Central Bank of Argentina (BCRA), after a few days away, resumed its interventions in the foreign exchange market.