Argentine stocks tumbled more than 2 percent on Friday, falling in line with international markets as investors fretted over rising US Treasury yields and interest rates.
The benchmark MerVal index of 11 leading shares fell 2.74 percent to 1,806.68 points, finishing the week down 4.63 percent. The MerVal, however, has gained 17.07 percent since January 1.
Volume was a modest 69.4 million pesos ($22.6 million). "The MerVal tracked what was happening in other major markets," said Ruben Pascuali, an analyst at Mayoral Bursantil. In Brazil, the Bovespa index fell 1.62 percent to 40,184.5 points while Mexico's IPC stock index slipped 1.31 percent.
Both markets were also hit by rising US debt yields making returns in emerging markets less attractive to investors. In Buenos Aires, energy and entertainment group Commercial del Plata shed 11.94 percent, falling to 0.30 pesos after the group reported a 169.6 million peso loss in the first-quarter.
On the foreign exchange market, the Argentine peso held steady at 3.0625/3.065 against the US dollar thanks to steady intervention from the central bank, traders said. The currency has gained 0.08 percent this month, but has weakened 0.33 percent in the year-to-date.
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