The dance with ministers did not show in the index

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By Carlos Fontana
Columnist for Ámbito Financiero

It was such a modest month that if we take only the stock exchange into account we could say that nothing happened.

However, it was the month of the "dance of ministers", of great tension, of political clashes, of "superpowers" and other staff.

Merval index improved 1.85% in total, recovering a 3.4% rise the last week of the month.

It has been the most risky percentage reached, also the most volatile balance, taking into account January's 28% increase, February's 18% fall and a slightly positive total balance of "443" points against "416" points at the end of 2000.

Uncertainty

March's trading session closed shrouded in a mantle of superficial tranquillity, but hectic deep down, and the stock exchange managed to revert the fall of the last day, though country risk was "tense" and rates in the City made traders and market watchers be in a real state.

Besides the last efforts to see if we could make March fit April perfectly with something specific and favourable.

What was known did not fascinate at all, it was even less attractive for foreign investors, and the effects of an appointment gave way to the quest for measures to act as a stimulus.

Today, the local stock exchange is to devote the time to look at its benchmark markets. However, as from tomorrow, to navigate trivial waters will be tougher.

The market suggests that it will break one of the forces, with traces clearly seen in prices...

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