Argentine stock market rises with selective market prior to holiday

December 23, 2021

The facade of the Buenos Aires Stock Exchange, in the financial district of Buenos Aires, Argentina. Dec 7, 2021. REUTERS / Agustin Marcarian

BUENOS AIRES, Dec 23 (Reuters) – The Argentine stock market rose on Thursday due to hedging purchases prior to the Christmas holiday, in a selective market following the government’s payment to the IMF for some 1.9 billion dollars, in the framework of negotiations to refinance a millionaire outstanding debt with the agency.

The leading S&P Merval index gained 1.25% to 84,698.78 units at 11:15 am (1415 GMT), after losing 0.58% in the previous session due to intraday profit taking.

The IMF published on Wednesday an evaluation of the agreement signed with Argentina in 2018 for 57,000 million dollars in which it recognizes that its conditions were not “robust enough” to face its structural problems.

Argentine markets will be closed on Friday.

(Reporting by Jorge Otaola; Edited by Walter Bianchi)