Key Facts
- Merval dropped 1.77% to 2,947,349 points on Friday, losing the psychologically important 3 million level it had only just captured.
- Banks drove the decline with Banco Macro down 3.8% and Grupo Galicia off 3.5%, as investors took profits on the recent financial-sector rally.
- The peso actually strengthened slightly with USD/ARS easing 0.28% to 1,488, sitting about 0.8% below its 52-week high of 1,500.
- YPF managed a rare gain rising 0.6% on $11 million of turnover, the session’s most traded domestic name.
- Country risk ticked higher with the local press reporting the measure rose to 479-480 basis points, its highest since June.
Today’s Focus
Argentina’s S&P Merval — the main Buenos Aires stock index — fell 1.77% to 2,947,349 points, surrendering the 3 million level it had crossed earlier this week. Banks and financial names bore the brunt of the selling.
Banco Macro sank 3.8%, Grupo Galicia dropped 3.5%, and Banco BBVA’s local unit and Supervielle both lost 4.3%, a clear sign that investors were taking profits on the rally sparked by the Milei reform trade.
The peso, however, held steady, easing just 0.28% to 1,488 per US dollar, as the central bank took advantage of calmer conditions to buy foreign currency — around US$80 million on the day.
The retreat looks like a classic pause after a strong run — the Merval still sits around 30% higher over 12 months — rather than a fundamental shift, though rising country risk signals investors want more evidence of reform progress.
What matters today. The Merval gave back the 3 million level as profit-taking hit banks hardest, but the peso’s stability and YPF’s resilience suggest the underlying bull case hasn’t broken yet.
01 The session in one read
Argentina’s S&P Merval — the benchmark index of large Buenos Aires-listed companies — fell 1.77% to 2,947,349 points, giving up the 3 million level it had only just claimed. Banks led the decline, with profit-taking hitting the financial names that had powered the recent rally behind President Javier Milei’s reform agenda.
The retreat was selective rather than broad. Energy names like YPF and Pampa cushioned the fall, and the peso actually strengthened slightly, pointing to a pause rather than a panicked exit.
The session came with a revealing backdrop: the local press reported that country risk — the extra yield investors demand to hold Argentine assets — rose to around 480 basis points, its highest since June. That suggests buyers are pausing to see whether the promised reforms, including a central-bank overhaul, clear the legislature.
There is no mystery about the mechanism of the pullback. A three-million-point index becomes a magnet for sellers after a nearly one-third gain over the past year; the surprise was how well the currency held up while stocks slipped.
The evidence points to a technical pullback rather than a decisive change in trend. The Merval’s 12-month climb of roughly 30% and the peso’s stay near 1,488 per dollar argue that the reform narrative remains intact. But the rise in country risk to 479-480 basis points — its highest since June — suggests investors are demanding better proof that the government’s legislative agenda can move forward without interruption. The variable to watch is whether the Merval reclaims the 3 million mark quickly; a prolonged failure to do so would signal deeper doubts about the Milei trade.
02 The day’s numbers
| Measure | Level | Change | Read |
|---|---|---|---|
| S&P Merval | 2,947,349 | −1.77% | Failed just below the 3m threshold |
| USD/ARS | 1,488 | −0.28% | Peso firmer on the day, but near its 52-week weakest |
| 52-wk range (USD/ARS) | 1,330–1,500 | — | Only 0.8% off weak extreme |
| Merval intraday high | 3,021,470 | — | Sellers appeared above 3,020,000 |
| Merval intraday low | 2,942,800 | — | Close near the low signals weak finish |
The Merval closed at 2,947,349 points, down 1.77% from the prior session’s 2,947,349, according to the Buenos Aires exchange data compiled by The Rio Times. The index briefly pushed above 3,020,000 before sellers pushed it to a low of 2,942,800 — a finish not far from the day’s worst level.
The peso, by contrast, was unruffled: the dollar bought 1,488 pesos, down 0.28%, leaving the Argentine currency within 0.8% of its strongest point in a year. That calm allowed the central bank to buy roughly US$80 million in reserves, the largest such purchase in recent sessions, according to Clarín’s financial section. Rio Times · Live Market Intelligence
Live Market IntelligenceArgentina — Live Market Board
Argentina — Live Market Board
Instrument Last Change YoY Prev. High Low Volume
MERVAL
2,848,945
—
-10.97%
2,859,051
—
—
—
USD/ARS
1,548
+0.15%
+9.87%
1,545
1,548
1,544
—
YPF
6,255
+0.40%
+13.78%
6,230
6,355
6,225
242,638
GGAL
4,940
+1.75%
-36.69%
4,855
4,950
4,843
125,688
PAMPA
4,258
+1.25%
-17.25%
4,205
4,295
4,150
77,277
TXAR
675.00
+0.22%
-15.41%
673.50
680.00
665.50
61,400
ALUAR
748.00
+0.07%
-24.33%
747.50
759.00
742.00
71,069
TGS
7,180
+1.84%
-19.24%
7,050
7,400
6,950
10,496
CEPU
1,750
+2.22%
-20.09%
1,712
1,750
1,690
41,283
MIRGOR
1,695
-0.88%
-92.50%
1,710
1,725
1,690
8,784
COME
32.55
+1.66%
-55.89%
32.02
33.50
31.10
819,826
LOMA NEGRA
2,898
+0.70%
-14.29%
2,878
2,915
2,855
26,157
BYMA
199.50
+0.25%
-29.88%
199.00
201.75
190.00
171,055
TELECOM ARG
3,565
+1.93%
-2.60%
3,498
3,580
3,335
3,744
GLOBANT
46.00
+0.54%
-26.83%
45.75
46.21
45.63
15,543
MERCADOLIBRE
1,485
+0.69%
-26.91%
1,475
1,492
1,463
49,152
03 Why it moved — profit-taking after the 3m milestone
The simplest explanation is also the most useful one for a newcomer: the Merval had rallied hard, and when a stock index crosses a round number like 3 million, some investors sell simply to lock in gains.
The biggest casualties were the financial shares. The local press reports that two former Macri-era officials publicly warned Economy Minister Luis Caputo against extending dollar-denominated credit to local companies, with ex-central-bank chief Guido Sandleris calling the idea a “mala idea” and Hernán Lacunza urging a local-currency credit system instead. That kind of disagreement over banking policy is never friendly to bank stocks.
There was also a political wrinkle. Infobae reported that the Milei administration is weighing whether to give provincial governors seats on the central-bank board to secure votes for its reform bill on 26 August. For investors, the trade-off is clear: more governors on the board may help pass reforms, but it also means the central bank becomes a bit more exposed to politics.
And country risk — the premium over safe-harbour borrowing that Argentina must pay — moved up to about 479-480 points, its highest since June. That is a signal that bondholders, not just equity investors, paused to ask whether the reform momentum can survive the legislative calendar.
04 The day’s movers
| Driver | Level / Move | Change | Note |
|---|---|---|---|
| YPF (state energy giant) | — | +0.6% | Most traded at $11m, defended the session |
| BMA (Banco Macro) | — | −3.8% | Profit-taking after financial rally |
| GGAL (Grupo Galicia) | — | −3.5% | $8m traded, large private bank |
| SUPV (Supervielle) | — | −4.3% | Among biggest losers |
| BBAR (BBVA Argentina) | — | −4.3% | Banking policy fears hit hardest |
| VIST (Vista Energy, CEDEAR) | — | +2.2% | Cross-listed, tracks US tape partly |
The most-traded domestic name was YPF, Argentina’s state-controlled oil and gas producer, which managed a 0.6% gain on $11 million of turnover. That resilience stands out against a falling tape: energy names were seen as the least exposed to banking-policy noise.
The banks carried the market down. Banco Macro dropped 3.8%, Grupo Galicia fell 3.5% on $8 million of trading, and Supervielle and BBVA Argentina each lost 4.3%. The numbers come from The Rio Times’ exchange-level data rather than home-country headlines, which focused on the legislative story rather than individual tickers.
05 The regional scoreboard
| Index | Country | Change |
|---|---|---|
| S&P Merval | Argentina | −1.77% |
| Ibovespa | Brazil | −0.10% |
| IPC | Mexico | −0.66% |
| IPSA | Chile | +0.39% |
| COLCAP | Colombia | +0.84% |
Argentina was the weakest of the major Latin American markets on the day. Brazil’s Ibovespa — the São Paulo benchmark — slipped just 0.10%, while Mexico’s IPC gave up 0.66%.
The contrast is useful. Chile’s IPSA rose 0.39% and Colombia’s COLCAP added 0.84%, so the drop in Buenos Aires was distinctly Argentine rather than a regional pullback. The live market board above carries the latest closes and daily moves for all these indices.
06 The technical picture
The Merval’s failure to hold the 3 million level is technically significant because it came from a position of strength: the index traded as high as 2,947,349 earlier in the week before Friday’s retreat to 2,947,349.
The day’s range — from 3,021,470 down to 2,942,800 — tells a clean story. Sellers took control above 3,020,000 and did not let up until the close settled only 4,500 points above the day’s low.
For traders who follow chart levels, the next area of interest is the prior consolidation zone around 2,900,000 to 2,950,000. A break below that would signal a larger correction; a quick reclaim of 3 million would suggest the pullback was technical.
On the currency side, the peso’s 52-week range sits between 1,330 and 1,500 per dollar. At 1,488, the Argentine currency is far from the strong end but showing a steadiness that the stock market did not manage this session.
07 What to watch
- Legislative calendar: The 26 August session on central-bank reform and the fiscal-innocence bill is the next catalysts for country risk and bank shares.
- Country-risk trend: The move to 479-480 points marks a June high — continued widening would weigh on the Merval and the peso alike.
- Central-bank dollar purchases: If the BCRA keeps buying US$80 million or more per day, it signals calm in the FX market and builds reserves.
- 3 million level: Whether the Merval recaptures it quickly will separate a technical pullback from a deeper correction.
Background: Argentina MSCI Upgrade: The Real Money Behind the Hype.
Background: Argentina Moves to Bar Its Own Officials From the ‘Inocencia Fiscal II’ Tax Deal.
More: Argentina news in English, every day from The Rio Times.
Frequently Asked Questions
What is the Merval?
The S&P Merval is Argentina’s main stock index, tracking the most liquid companies listed in Buenos Aires, and it serves as the benchmark for the country’s equity market.
Why did the Merval fall?
Profit-taking after crossing the 3 million mark hit hardest in bank shares, amid warnings from former officials about dollar-lending policies and caution ahead of key legislative votes.
What happened to the peso?
The Argentine peso firmed slightly to 1,488 per US dollar, and the central bank used the calm to buy roughly US$80 million in reserves.
Which stocks moved the most?
YPF rose 0.6% on the heaviest turnover, while the banks suffered — Banco Macro fell 3.8%, Grupo Galicia dropped 3.5%, and BBVA Argentina and Supervielle each lost 4.3%.
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error
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