Argentina Markets: Merval & the Peso — September 4, 2026
Key Facts
- The Merval closed lower, ending the session down 1.55% at 3,058,093 points after recent record highs.
- Profit-taking hit YPF, with the oil major down 3.1% on turnover of US$13 million, leading the decline.
- The peso was stable, with the USD/ARS exchange rate easing a marginal 0.16% to close at 1,508.
- Banks bucked the trend, with Banco Macro managing a slight gain of 0.2% in a defensive shift.
- The move was local, as US stocks rallied, suggesting investors were locking in Argentine reform-trade gains.
Today’s Focus
Argentina’s S&P Merval index—the main Buenos Aires stock market, quoted in local pesos—fell 1.55% on Thursday, closing at 3,058,093 points. The decline came as investors took profits in energy and financial shares that had recently surged near record levels.
YPF, the state-controlled oil company and a favourite of President Javier Milei’s reform trade, led the losses, dropping 3.1% on heavy turnover. The peso was virtually stable, with the official exchange rate easing 0.16% to 1,508 pesos per US dollar.
The sell-off was contained to Buenos Aires. Wall Street’s S&P 500 rose 1.06%, suggesting the driver was local profit-taking rather than global risk aversion.
What matters today. A healthy pullback from record highs, not a change in the underlying bullish story for Argentine assets.
01 The session in one read
Argentina’s stock market had a down day on Thursday, but the story is more about investors catching their breath. The S&P Merval, the main index of the Buenos Aires stock exchange quoted in pesos, slipped 1.55% to close at 3,058,093 points.
The selling was concentrated in stocks that had led the so-called reform trade, a bet on Milei’s deregulation and fiscal agenda. YPF, the state-linked oil company, fell 3.1%, and energy generator Central Puerto dropped 1.8%.
The peso, meanwhile, was a picture of calm. The exchange rate against the US dollar moved only a hair—down 0.16% to 1,508 pesos per dollar—suggesting there was no panic among currency traders.
The evidence points to a technical pause after a strong run. The Merval had closed the previous session up 1.86%, with reform-trade favourites YPF and Pampa Energía posting strong weekly gains.
The peso’s stability and the rally in US equities weigh against a narrative of broad risk aversion. The key variable to watch is whether the index holds the 3,000,000-point level in the coming sessions.
02 The day’s numbers
| Measure | Level | Change | Read |
|---|---|---|---|
| S&P Merval | 3,058,093 | −1.55% | Pause below recent record highs |
| USD/ARS | 1,508 | −0.16% | Peso nearly unchanged on the day |
| YPFD | $13m turnover | −3.1% | Heaviest traded and weakest blue chip |
| 52-week range | 1,330 – 1,514 | −0.4% vs high | Peso still near weakest level of year |
| Key level | 3,000,000 | — | Round number support for the Merval |
The Merval’s pullback leaves it just above the 3,000,000-point mark, a level traders watch closely. The index had been flirting with record territory above 3.1 million points earlier in the week.
The peso’s 52-week range shows it is trading at 1,508, just 0.4% from the weakest level of the past year at 1,514. That stability, even as stocks fell, suggests the decline was not driven by fears of a currency shock. Rio Times · Live Market Intelligence
Live Market IntelligenceArgentina — Live Market Board
Argentina — Live Market Board
Instrument Last Change YoY Prev. High Low Volume
MERVAL
3,058,093
-1.55%
+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 — profit-taking in the reform trade
The most useful explanation is mundane: profit-taking. Investors who rode YPF, Pampa Energía and major banks to big weekly gains banked some cash near record highs.
The local news flow was mixed but not alarming. Central bank officials discussed credit conditions, and there was talk of farming and energy projects, but nothing signaled a policy shift.
Markets often pause after a strong run. The previous session had closed up 1.86%, so a modest give-back of 1.55% remains within the normal rhythm of an upward trend.
04 The day’s movers
| Driver | Level / Move | Change | Note |
|---|---|---|---|
| YPFD | $13m turnover | −3.1% | Oil major led the decline |
| GGAL | $7m turnover | −1.3% | Private bank slipped but held up better |
| PAMP | $3m turnover | −1.8% | Energy group faded after weekly gain |
| BMA | $2m turnover | +0.2% | Lender bucked the trend |
| CELD TSLA | — | +5.4% | Cross-listed US proxy, not domestic |
The two most heavily traded local names—YPF and Grupo Galicia—both fell, which tells you where the profit-taking was concentrated. YPF alone saw US$13 million in turnover, a chunky amount for the Buenos Aires market, and dropped 3.1%.
Banco Macro was the notable exception among the blue chips, edging up 0.2%. Meanwhile, the cross-listed CEDEAR of Tesla jumped 5.4%, but that mainly reflects the US tape and the currency, not the local economy.
05 The regional scoreboard
| Index | Country | Change |
|---|---|---|
| S&P Merval | Argentina | −1.55% |
| Ibovespa | Brazil | −0.01% |
| S&P/BMV IPC | Mexico | +0.91% |
| COLCAP | Colombia | +1.81% |
| S&P/BVL General | Peru | +0.43% |
Argentina was the laggard in Latin America on Thursday. Colombia’s COLCAP led the region with a 1.81% gain, and Mexico’s IPC rose 0.91%, while Brazil’s Ibovespa was effectively flat.
The divergence is a useful reminder that the Merval’s drop was a local story, not part of a regional risk-off move. Latin American investors elsewhere were still in a buying mood.
06 The technical picture
The Merval’s failure to hold above 3.1 million points is worth noting, but it is not yet a warning sign. The index is still in an uptrend, closing at 3,058,093, well above the 3,000,000 round-number support.
A decisive break below 3,000,000 would be a more serious technical development, potentially triggering further selling. For now, the chart describes a market consolidating after a powerful rally rather than one rolling over.
07 What to watch
- Merval support at 3,000,000: A break below this round number could accelerate profit-taking in the short term.
- YPF weekly performance: The reform-trade bellwether’s next move will signal whether this was a one-day pause or the start of something bigger.
- Peso stability vs 52-week low: Any move toward 1,514 would suggest currency pressure is returning to the narrative.
- Bank stocks’ relative strength: Banco Macro’s gain while others fell hints at rotation; watch if that continues.
Background: Argentina Markets Week: Wholesale Peso Crosses 1,500 as Stocks Rise.
Background: Argentina Rolls Over 96 Percent of Maturing Debt as Country Risk Eases to 509.
Frequently Asked Questions
What is the S&P Merval?
It is the main stock index of the Buenos Aires exchange, quoted in Argentine pesos. It tracks the most traded local companies.
What is the ‘reform trade’?
It is a bet that President Javier Milei’s policies—deregulation and fiscal discipline—will boost the profits of local energy and banking firms.
Why did YPF fall so much?
YPF had gained about 3.2% over the prior week. The 3.1% drop looks like profit-taking after a strong run, not bad news.
What does a stable USD/ARS tell us?
It suggests the stock market’s decline was not driven by fear of a currency devaluation. The peso moved only 0.16% against the dollar.
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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