Argentine stocks rose slightly on Friday to a new record high as investors, many increasingly optimistic about economic recovery, bought blue-chip shares despite some profit-taking in the market.
The leading MerVal share index closed up 0.44 percent at 1208.18 points.
Turnover was normal at 78.1 million pesos ($26.9 million).
The MerVal is up nearly 13 percent this year, fuelled by stronger-than-expected economic growth.
"As long as trade volume remains high, the strong market conditions will continue," Ruben Pascuali, of the Mayoral Bursatil brokerage, said.
Grupo Financiero Galicia, a leading financial group, ended up 1.67 percent at 2.44 pesos.
The MerVal had closed at a previous record high as recently as Tuesday.
Private sector analysts expect the Argentine economy to grow about 6.5 percent this year due to a recovery in consumer spending, investment and robust agricultural exports.
The peso ended trade at 2.895/2.905 per dollar, 0.52 percent weaker than Thursday's close.
The peso has hovered around the 2.90 mark in recent weeks due to the Central Bank's efforts to maintain a weak currency to favour exports.
Without Central Bank intervention, traders estimate the peso would trade around the 2.50 range.
Comments
Comments are closed.