Argentina Markets: Merval & the Peso — September 5, 2026
Key Facts
- The Merval slipped 0.29% to 3,049,121 points as bank shares led a gentle pullback after recent strength.
- The peso barely moved, at 1,508 per US dollar — near its weakest point in a year.
- Grupo Galicia and Banco Macro each fell 1.0%, while BBVA Argentina dropped 1.5% — the session’s biggest bank declines.
- YPF gained 0.4% on US$9 million in shares traded, as energy stocks helped offset the sell-off.
- The index is still about 54% higher than a year ago, despite Friday’s pause.
Today’s Focus
Argentina’s main stock index, the S&P Merval, eased 0.29% to 3,049,121 points on Friday. The session’s losses were concentrated in banks.
Grupo Galicia, the country’s largest private lender, slid 1.0%. Banco Macro also lost 1.0%, and BBVA Argentina dropped 1.5%.
The peso traded at 1,508 per US dollar, essentially flat on the day. It stayed only about 0.4% from its weakest level in a year.
The declines looked like profit-taking, or selling to lock in earlier gains. No single shock caused Friday’s dip, in a market still up about 54% from a year ago.
What matters today. The pullback was mild and centered on banks. The peso barely moved too.
That suggests President Milei’s economic reforms remain on track, not breaking down.
01 The session in one read
Argentina’s main stock index, the S&P Merval, ended Friday down 0.29%, at 3,049,121 points. Investors watch it closely as a sign of confidence in the country’s economic reforms.
The dip was gentle, but telling. Banks fell hardest, while a few energy stocks found buyers.
Grupo Galicia, the country’s largest private bank, slipped 1.0%, and Banco Macro matched that drop. BBVA Argentina fell hardest, losing 1.5%.
The peso barely moved, at 1,508 per US dollar. It held this range all week, despite political noise over elections and airport policy.
Friday’s 0.29% drop in the Merval looks like a breather. Bank stocks, this year’s biggest winners, drove the pullback.
The peso held steady too, at 1,508 per dollar. That steadiness argues against any deeper shift in the market.
Local news shows investors like President Milei’s economic plan. But warnings persist about inflation and government spending.
Friday’s session had no clear trigger for a bigger sell-off.
Watch whether bank stocks recover early next week. A second day of heavy bank selling could signal something more than profit-taking.
02 The day’s numbers
| Measure | Level | Change | Read |
|---|---|---|---|
| S&P Merval | 3,049,121 | −0.29% | Mild pullback, led by banks |
| USD/ARS | 1,508 | +0.01% | Peso effectively flat |
| 52-week position | — | — | Merval up about 54% in a year |
| Peso vs 52w high | 1,514 | −0.4% | Near its weakest point in a year |
| S&P 500 | 7,719 | −0.38% | Cautious day on Wall Street too |
The Merval’s 0.29% dip to 3,049,121 points kept it near its recent highs. The index is still up about 54% from a year ago — a strong gain.
The peso rose just 0.01%, to 1,508 per US dollar — essentially flat versus the prior session. That’s close to its weakest point in a year, near 1,514.
The S&P 500 fell 0.38%, a mildly cautious note for global markets. But it wasn’t enough to explain Friday’s local moves. Rio Times · Live Market Intelligence
Live Market IntelligenceArgentina — Live Market Board
Argentina — Live Market Board
Instrument Last Change YoY Prev. High Low Volume
MERVAL
3,049,121
-0.29%
+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 meets bank fatigue
Friday’s decline had no single dramatic trigger. It looked like investors selling some holdings after a long rally in Argentine assets.
Local headlines focused on politics this week. President Milei repeated his tough line on spending and money supply.
Markets welcomed that message. But business leaders warned the tax burden is too high.
But feeling good about the economy doesn’t mean every stock rises every day. Banks have gained the most this year, and they took the brunt of Friday’s selling.
Economists expect August inflation of 1.7%. Prices are still cooling, just slowly.
That may have encouraged some investors to cash in recent gains.
04 The day’s movers
| Driver | Level / Move | Change | Note |
|---|---|---|---|
| YPF | US$9m in shares traded | +0.4% | State-controlled energy firm; only gainer among heavy volumes |
| Grupo Galicia | US$3m in shares traded | −1.0% | Largest private bank; led bank stocks lower |
| Banco Macro | US$2m in shares traded | −1.0% | Second-tier bank; mirroring sector weakness |
| BBVA Argentina | US$1m in shares traded | −1.5% | Sharpest drop among big banks |
| Pampa Energía | US$2m in shares traded | −0.4% | Integrated power producer; mild decline |
YPF is Argentina’s state-controlled energy producer, popular with foreign investors betting on its shale reserves. It gained 0.4%, with the day’s highest trading volume at US$9 million.
Energy stocks gave only patchy support. Pampa Energía slipped 0.4%, and smaller power companies were mixed.
The session’s biggest loser was VALO, down 2.4%. Bank stocks led the declines, making up three of the five worst performers.
05 The regional scoreboard
| Index | Country | Change |
|---|---|---|
| Ibovespa | Brazil | −0.02% |
| IPC | Mexico | −0.87% |
| COLCAP | Colombia | +0.41% |
| BVL Perú | Peru | +0.29% |
| S&P Merval | Argentina | −0.29% |
Argentina wasn’t alone. Mexico’s IPC fell 0.87%, while Brazil’s Ibovespa was flat.
Colombia’s COLCAP rose 0.41%. Peru’s BVL index gained 0.29% too.
The live market board above has the official closing numbers for each index. Overall, Latin American stock markets had a quiet, mixed end to the week.
06 The technical picture
The Merval closed at 3,049,121 points, just above the 3-million mark. That level has held firm for the past few sessions.
Year-on-year, the Merval is up about 54%. This is a market that has run hard, and is due for a breather.
The next test is whether 3,000,000 holds as a support level. If it does, the uptrend should stay intact ahead of any new push toward the August highs.
07 What to watch
- Bank shares: Watch whether Grupo Galicia and Banco Macro find buyers next week, or extend Friday’s declines.
- Peso near 1,514: A move higher would mean fresh pressure, since 1,514 is close to the peso’s weakest point in a year.
- Inflation expectations: Economists see August inflation at 1.7%, with similar readings of about 1.6-1.8% expected through year-end.
- Energy counterweight: Whether YPF can keep gaining while banks wobble, helping balance the index.
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 Merval?
The S&P Merval is Argentina’s main stock-market index, quoted in Argentine pesos. It tracks the largest, most-traded companies listed in Buenos Aires.
Why did Argentine banks fall on Friday?
Bank stocks like Grupo Galicia and Banco Macro fell the most. It looked like profit-taking after a long rally tied to Milei’s reforms.
How did the peso perform?
The peso traded at 1,508 per US dollar, up just 0.01% — essentially flat. It stayed about 0.4% from its weakest level of the past year.
Is the Merval still up over the past year?
Yes, the index is still up about 54% compared with a year ago, even after Friday’s modest decline.
Market data: RT; exchange figures from Argentina’s BYMA (Bolsas y Mercados Argentinos) exchange
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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