Argentine stocks inched higher on Friday, thanks to a rebound in depressed banking shares. The benchmark MerVal stock index edged up 0.14 percent to 2,066.28 points, buoyed by a 9.26-percent jump in the share price of Argentine bank Banco Hipotecario, which ended at 1.18 pesos.
The MerVal accumulated a 1.49 percent gain in the last three sessions despite an ongoing tax dispute between farmers and the government. Farmers are due to end their latest commercial strike later on Friday, which could pave the way for talks.
The government also sent its controversial export tax measure to Congress this week, which eased tensions. "The apparent truce between the government and the farm sector allowed the MerVal to once again remain insulated from external market turbulence," said Diego Zavaleta, a trader at Besfamille brokerage. "That's why everything was concentrated again in banking shares," he added. Trade volume was a brisk $38.4 million. Among active issues 21 rose, 38 fell and 14 were unchanged.
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