Argentina Markets: Merval & the Peso — September 25, 2026
Key Facts
- The Merval fell 1.00% to 2,939,964 points, slipping below the 3 million-point level sellers are watching.
- The peso weakened 0.26% to 1,520 per US dollar, right at the weakest edge of its 52-week range.
- Country risk rose again with JP Morgan’s gauge climbing for an eighth straight session, which hits banks hardest.
- YPF was the bright spot up 0.4% on the session with US$9 million traded, as energy optimism held up.
- Regional stocks were mostly lower with Mexico’s IPC down 0.43% and Brazil’s Ibovespa off 0.99%.
Today’s Focus
Argentina’s Merval index — the Buenos Aires stock market’s main yardstick — fell 1.00% to 2,939,964 points on Wednesday. The slide pushed it below the 3 million-point round number that traders treat as a psychological floor.
The peso also weakened, closing at 1,520 per US dollar in the wholesale market used by big companies. That is down 0.26% and matches the weakest level in its one-year range.
The pressure came from country risk, a gauge of how much extra return investors demand to hold Argentine debt. It rose to 578 points, extending an eight-session climb and hitting banks that are most sensitive to sovereign credit.
What matters today. Investors are trimming exposure to Argentine banks while keeping faith in the energy sector, a split that has defined the recent market.
01 The session in one read
Wednesday’s session in Buenos Aires was a quiet slide, not a crash. The Merval lost 1.00% to close at 2,939,964 points, with banks doing most of the damage.
Banco Macro fell 1.9%, Banco Supervielle dropped 2.0%, and Grupo Galicia slipped 0.8%. These lenders are the most direct play on Argentina’s domestic economy, so they feel every wobble in confidence.
YPF, the state-controlled oil company, added 0.4% and was the most-traded name with US$9 million in turnover. The company has become the face of the energy-export story, particularly gas from the Vaca Muerta shale formation.
The peso closed at 1,520 per US dollar, down 0.26%, the weakest level in its one-year range. The parallel ‘blue dollar’ — the street rate Argentines actually use — traded around 1,540 to 1,560.
The evidence points to a classic risk-off rotation within Argentina: banks fell while YPF rose, and the peso sat at its weakest level against a backdrop of rising country risk. The pattern is consistent with investors protecting gains but not abandoning the market entirely.
The variable to watch is whether country risk stabilises below 600 points or keeps climbing. If it breaks higher, the bank-led selling could broaden into a wider correction.
02 The day’s numbers
| Measure | Level | Change | Read |
|---|---|---|---|
| Merval | 2,939,964 | −1.00% | Banks led the decline; below 3 million points |
| USD/ARS wholesale | 1,520 | +0.26% | Peso at weakest edge of 52-week range |
| 52-week peso range | 1,348–1,520 | — | Trading right at the floor for the peso |
| YPF turnover | US$9m | −0.4% | Most-traded stock despite the drop |
| Key technical level | 3,000,000 | — | Merval broke below this round number |
The Merval’s close below 3 million points matters for traders who watch chart levels. Round numbers often act as support, and breaking one can trigger further selling.
The peso’s position at the bottom of its one-year range shows the currency pressure is real. The wholesale rate of 1,520 is watched by importers and exporters alike. Rio Times · Live Market Intelligence
Live Market IntelligenceArgentina — Live Market Board
Argentina — Live Market Board
Instrument Last Change YoY Prev. High Low Volume
MERVAL
2,939,964
-1.00%
+30.51%
3,022,485
3,042,365
2,991,150
—
USD/ARS
1,493
+0.10%
+12.96%
1,491
1,494
1,480
—
YPF
7,810
+0.26%
+72.84%
7,790
7,850
7,600
1,763,858
GGAL
6,980
-0.78%
+1.82%
7,035
7,115
6,920
1,564,062
PAMPA
5,115
+0.69%
+26.70%
5,080
5,140
5,000
721,190
TXAR
747.50
-2.35%
+18.67%
765.50
770.00
742.50
771,892
ALUAR
938.00
-1.21%
+29.83%
949.50
951.00
932.50
135,426
TGS
8,870
-0.17%
+15.05%
8,885
9,075
8,720
143,546
CEPU
2,156
+1.84%
+28.36%
2,117
2,165
2,086
404,146
MIRGOR
1,650
-1.20%
-92.90%
1,670
1,670
1,635
20,877
COME
40.93
-0.73%
-30.47%
41.23
41.60
40.50
4,258,884
LOMA NEGRA
3,130
+0.08%
+5.80%
3,128
3,205
3,090
182,992
BYMA
275.00
-1.70%
+35.14%
279.75
282.50
272.00
1,409,575
TELECOM ARG
4,233
-0.70%
+55.19%
4,263
4,335
4,160
31,896
GLOBANT
38.10
-2.26%
-49.65%
38.98
38.70
36.77
793,552
MERCADOLIBRE
1,870
-3.59%
-20.71%
1,940
1,927
1,870
329,640
03 Why it moved — country risk and bank nerves
Country risk, JP Morgan’s measure of the premium investors demand to hold Argentine dollar debt, rose to 578 basis points. That means the market is charging Argentina more to borrow, a sign of renewed caution.
It was the eighth consecutive session of increases, according to local media. The gauge has now climbed above the level where it stood at the end of last year.
Banks are the first to feel this squeeze. They hold government debt, lend in pesos, and depend on confidence in the Milei reform programme.
President Javier Milei told the Economic Club of New York that Argentina has US$75 billion in reserves and is ‘armed to the teeth’ to face the country-risk spike. The market did not seem fully convinced.
04 The day’s movers
| Driver | Level / Move | Change | Note |
|---|---|---|---|
| YPF (state oil) | US$9m traded | +0.4% | Energy export optimism held it up |
| Grupo Galicia (bank) | US$8m traded | −0.8% | Financials led the decline |
| Banco Macro (bank) | — | −1.9% | Hit by country-risk rise |
| Pampa Energía (energy) | — | −1.5% | Energy mixed outside YPF |
| Central Puerto (power) | US$1m traded | +0.6% | One of few domestic gainers |
| Banco Supervielle (bank) | US$1m traded | −2.0% | Worst of the large banks |
YPF was the standout, holding up when the rest of the board sagged. Foreign investors continue to bet that Vaca Muerta will turn Argentina into a gas exporter.
Grupo Galicia and Banco Macro show the other side. When country risk rises, the cost of doing banking in Argentina rises with it, and investors trim bank shares first.
05 The regional scoreboard
| Index | Country | Change |
|---|---|---|
| Merval | Argentina | −1.00% |
| Ibovespa | Brazil | −0.99% |
| IPC | Mexico | −0.43% |
| IPSA | Chile | −1.30% |
| COLCAP | Colombia | −0.12% |
Latin America was broadly red on Wednesday. Brazil’s Ibovespa, the region’s biggest market, fell almost 1% alongside Argentina.
The only regional outlier in the verified data was Peru’s BVL, which rose 0.43%. The live market board above carries the closing levels.
06 The technical picture
The Merval is now below the 3 million-point level, a round number that had been acting as a psychological floor. The next test is whether buyers return quickly or the index drifts toward the lower end of its recent range.
The peso is at the weakest level of its 52-week range, a clear technical extreme. A move beyond 1,520 would signal fresh pressure on the currency.
For the Merval, the key is whether it can reclaim 3 million points in the next session. A failure to do so would leave the index vulnerable to deeper profit-taking after a strong run.
07 What to watch
- Country risk: Whether the 578-point reading keeps climbing toward 600, which would hit banks further.
- Peso floor: If the wholesale rate breaks below 1,520, expect renewed talk of faster devaluation.
- YPF strength: Whether energy names can keep rising if the broader market slides further.
- Milei’s New York pitch: Investors will weigh his US$75 billion reserves claim against the country-risk reality.
Background: Merval Falls 1.00% as Argentine ADRs Slide Across Latin America.
Frequently Asked Questions
What is the Merval?
It is Argentina’s main stock index, tracking the biggest companies listed in Buenos Aires.
Why did Argentine banks fall?
Country risk rose for an eighth session, making investors nervous about holding lenders tied to sovereign debt.
What is country risk?
It is a measure of how much extra return investors demand to hold Argentina’s dollar bonds instead of US Treasuries, expressed in basis points.
What is the blue dollar?
It is Argentina’s parallel exchange rate, where ordinary people buy dollars outside official channels, often at a premium.
Merval — Market data: RT; exchange figures from BYMA
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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