LETES' rate had a very bad effect on Merval

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By Carlos Fontana
Columnist for Ámbito Financiero

The weakness of the local market, although it has been rising in April, was revealed by yesterday's contrast between expectations and reality, which had a very bad effect on the stock exchange. When positive signs were coming from the North and Europe and Merval index was reaching "470"points, +1.5% ... the session's villain appeared on the scene.

Lethal LETES

A cut rate over 10% made activity fall in the floor, bringing about disappointment. Immediately, the bulls went away and the floor was left without support.

From then on, there was a struggle to keep 0.5% growth but not even this was possible. Merval index , thanks to Spanish stocks, ended neutral while M.Ar fell 0.35%. At least, everything ended at that point. Volume amounted to $22 million in local companies while $2 million were traded in certificates. At the end of the session , there were only selling orders.

All this illustrates the fact that the market lacks strength and content to solve a problem like yesterday's which can reverse the trend right away without being so serious.


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