Merval falls after the announcement of the control to the capital market
October 23, 2012
Executive’s announcement of sending a bill to Congress to control the stock and bond market generated some skepticism among investors leading to the Merval index into negative territory in the opening of the day.
The end of self-regulation, as the government would rule through the reformulation of the Public Offering Act, impacts directly on the 83 major companies operating in the Stock Exchange.
Prior to the opening of the day, the Minister of Economy of Argentina, Hernan Lorenzino said the aim of the measure is that the National Securities Commission (CNV) “control and align our capital market (…) which clearly has not had the role than elsewhere in the world in terms of channeling savings from the public and the institutions into productive activities. “
In this framework, on campus shares of banks and energy losses are the most recorded and drag the Merval to the 2,367 points, down almost 3.70 percent compared with yesterday results.
The largest falls: YPF (-5.79%), Banco Macro (-4.16%); Siderar (-4.38%); Edenor (-4.06%), Banco Financiero Galicia (-3 , 51%), Petrobras Argentina (-3.90%), Tenaris (-3.39%) and Telecom (-1.88%).