LETES' rate had a very bad effect on Merval

Portada en Ingles

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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