Traders Await Congress Action
May 08, 2011
The Merval Index of leading shares fell 2.86 to 497.51, after rising 8.66 Friday. The broad General Index gained 16.02 to 15452.48. Traders said the low volume made it difficult to draw conclusions from the day's activities but that many investors are probably awaiting congressional action on a package of deficit-reduction measures. Some key legislators have said that final votes on the bills might not come until early October. Declining issues outnumbered advancing ones 17 to 14, while 14 settled the session unchanged. Volume on the floor totaled 6.08 million pesos, while turnover on the computer-based continuous market reached 42.42 million pesos near the end of its session. Among individual issues, Banco Frances gained 20 Argentine cents, or 2.8%, to 7.47 pesos, and Astra slipped four cents, or 2.8%, to 1.41 pesos. The most actively traded issue, Turner Glover, dropped one cent, or 0.2%, to 5.51 pesos. Perez Companc's biggest rival, oil company YPF, ended marginally higher, gaining five cents, or 0.2%, to 20.85 pesos.
