Argentina Markets: Merval & the Peso — September 22, 2026
Key Facts
- The S&P Merval closed at 2,998,955.82 points a 0.76% decline that left Argentina’s main stock index just below the psychologically important 3 million mark.
- YPF, the state-controlled oil and gas major, fell 3.0% making it the heaviest drag on the domestic board with $19 million in turnover.
- The peso was broadly steady at 1,514 per US dollar an extremely weak level that sits right at the currency’s 52-week low.
- Country risk climbed to 533 basis points its highest in four months, according to Clarín, as an IMF mission began meetings in Buenos Aires.
- Gainers were led by Transportadora de Gas del Norte, up 3.0% with Telecom Argentina adding 2.7% in a defensive rotation toward utilities.
Today’s Focus
Argentina’s S&P Merval, the country’s main stock index quoted in pesos, slipped 0.76% on Monday to close at 2,998,955.82 points. The decline pushed the benchmark just below the 3 million level that traders watch as a psychological pivot.
The fall was led by YPF, the state-controlled oil company, which dropped 3.0% on $19 million in turnover. Central Puerto, the power generator, lost 2.4%, while Gas del Norte and Telecom Argentina rose around 3% on the opposite side of the ledger.
The peso was flat at 1,514 per US dollar, hugging its weakest level in a year. Country risk, the premium investors demand to hold Argentine debt, climbed to 533 basis points, its highest in weeks.
The backdrop was a visit from an International Monetary Fund mission to Buenos Aires, with Economy Minister Luis Caputo holding investor meetings in New York rather than at home. No fresh reform news landed to support the Milei trade.
What matters today. The Merval’s slide below 3 million and climbing country risk show investors are demanding more evidence on Argentina’s reform path before adding to positions.
01 The session in one read
Argentine shares drifted lower on Monday in a session with little fresh domestic news, leaving the S&P Merval at 2,998,955.82 points, down 0.76%. The benchmark has now fallen for two consecutive sessions and closed just below the 3 million round number that traders treat as a mood indicator.
The peso was broadly unchanged at 1,514 per US dollar, hugging its weakest 52-week level. The flat currency masks underlying caution: country risk, the extra yield investors demand over safe US debt, climbed to 533 basis points, the highest in weeks.
The day’s biggest drag was YPF, the state-controlled oil and gas producer, which fell 3.0% with $19 million changing hands. Central Puerto, a leading electricity generator, also slid 2.4%.
On the positive side, Transportadora de Gas del Norte rose 3.0% and Telecom Argentina added 2.7%, showing demand for defensive names with steady cash flows rather than economically sensitive ones.
The decline looks like profit-taking within a still-strong uptrend rather than a reversal. The Merval remains up roughly 65% year-on-year even after the pullback, and the peso’s stability near 1,514 suggests no disorderly run on the currency. The trigger to watch is the IMF mission: if talks produce early signals of a new disbursement or programme extension, financial stocks like Grupo Galicia and Banco Macro — both barely moved on Monday — could lead a snap-back.
02 The day’s numbers
| Measure | Level | Change | Read |
|---|---|---|---|
| S&P Merval | 2,998,955.82 | −0.76% | Below the 3 million pivot |
| Previous | close 3,021,926 −1.3% (Fri) Second straight decline | ||
| USD/ARS | 1,514 pesos | −0.02% | At 52-week weak end |
| 52-week range | 1,348–1,514 | — | Peso near record low |
| Country risk | 533 basis points | up | Highest in weeks |
The Merval’s close below 3 million is symbolic more than structural. The index is still up about 65% from a year ago, so Monday’s move reads as a pause in a strong uptrend rather than panic.
The peso’s stability at 1,514 masks how weak that level is in historical terms — a year ago it traded near 1,348. A flat day at the bottom of the range still leaves importers and borrowers paying through the nose for dollars. Rio Times · Live Market Intelligence
Live Market IntelligenceArgentina — Live Market Board
Argentina — Live Market Board
Instrument Last Change YoY Prev. High Low Volume
MERVAL
2,998,956
-0.76%
+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 rises as IMF mission lands
The day’s dominant macro story was the arrival of an International Monetary Fund mission in Buenos Aires. According to Clarín, the team held meetings at the central bank while Economy Minister Luis Caputo was in New York, pitching the government’s economic programme to investors at JPMorgan’s headquarters.
Country risk — the premium over US Treasuries that investors demand to hold Argentine bonds — closed at 533 basis points on Monday, its highest in weeks, signalling that bond investors want more evidence that Argentina can keep servicing its debt under the current policy mix.
Caputo’s absence from the local talks and his reliance on US political backing, including public support from Donald Trump, left the domestic market without a fresh catalyst. The reform trade, built on President Javier Milei’s deregulation and fiscal discipline bets, paused while both sides sized each other up.
A 2% jump in soybean prices offered some macro relief — Argentina is a major soy exporter, and higher prices mean more dollar revenue for the central bank. But it was not enough to offset the cautious mood in equities.
04 The day’s movers
| Driver | Level / Move | Change | Note |
|---|---|---|---|
| YPFD (YPF) | $19m traded | −3.0% | Heaviest board weight |
| TGNO4 (Gas del Norte) | $3m traded | +3.0% | Defensive gas utility bid |
| CEPU (Central Puerto) | $2m traded | −2.4% | Power sector under pressure |
| TECO2 (Telecom Argentina) | $1m traded | +2.7% | Steady cash flows favoured |
| GGAL (Grupo Galicia) | $6m traded | −0.3% | Banks quiet amid IMF wait |
The most-traded stock was YPF, and its 3% slide did most of the damage to the index because of its heavy weighting. The move suggests investors are trimming exposure to state-linked energy names while the IMF talks play out.
Gainers clustered in utilities with regulated or contracted income: Gas del Norte and Telecom Argentina both rose around 3%. Cross-listed CEDEARs, which track foreign stocks like Meta and Amazon, jumped on the strong US session but reflect Wall Street and the exchange rate, not Argentine fundamentals.
05 The regional scoreboard
| Index | Country | Change |
|---|---|---|
| Ibovespa | Brazil | +0.74% |
| IPC | Mexico | −0.38% |
| IPSA | Chile | −0.21% |
| COLCAP | Colombia | +0.68% |
| S&P Merval | Argentina | −0.76% |
Argentina was the weakest of the major Latin American boards on Monday. Brazil’s Ibovespa rose 0.74%, helped by a firmer Brazilian real against the dollar, while Colombia’s COLCAP added 0.68%.
Mexico’s IPC slipped 0.38% and Chile’s IPSA eased 0.21%, so the region was mixed overall. Argentina’s decline stood out because it combined a falling index with rising country risk — a pairing that shows genuine local caution rather than just global drift.
06 The technical picture
The Merval’s close at 2,998,955.82 leaves it a whisker below the 3 million psychological level. In trading terms, that round number has acted as a magnet and a trigger: a decisive break above it could invite momentum buyers, while a failure to reclaim it quickly may encourage short-term sellers.
The close extended Friday’s 1.3% fall, leaving the index a second straight session lower.
The peso’s position at the top of its 52-week range, with the dollar at 1,514 pesos, remains the key pressure valve. If the central bank can hold the exchange rate steady while country risk grinds lower, the Merval’s uptrend should resume.
For now, 3 million points is the line in the sand. The variable to watch is whether the IMF mission produces even a hint of a new disbursement, which would likely lift banks like Banco Macro and Grupo Galicia first.
07 What to watch
- IMF talks: Any statement from the visiting IMF mission about Argentina’s programme review or new disbursement could move the whole board.
- Country risk: The 533 basis point level is the highest in weeks; a push toward 550 could deepen the equity pullback.
- Banks: Grupo Galicia and Banco Macro barely moved on Monday; they are the most sensitive stocks to any reform or debt news.
- Soybean prices: The 2% jump in soy futures is dollar-revenue-positive for Argentina’s central bank; sustained strength would support the peso.
Background: Merval Falls 0.76% as Argentine ADRs Slide Across Latin America.
Background: Argentina Inflation Falls to 1.7 Percent, Lowest in 14 Months.
Frequently Asked Questions
What is the S&P Merval?
Argentina’s main stock index, quoted in Argentine pesos. It tracks the largest and most-traded companies listed on the Buenos Aires exchange, including YPF, Grupo Galicia and Central Puerto.
Why did the Merval fall on September 21?
A combination of profit-taking, a 3% drop in heavyweight YPF, and rising country risk as an IMF mission arrived in Buenos Aires. The index closed just below the 3 million point level.
What is country risk and why does it matter?
Country risk is the extra yield investors demand to hold Argentine government bonds instead of safe US Treasuries. At 533 basis points, it means Argentina must pay about 5.33 percentage points more in annual interest, a sign of default worry.
Is the peso weak at 1,514 per dollar?
Yes — that is essentially the weakest level of the past year. The 52-week range runs from 1,348 to 1,514, so the peso is trading at the bottom of its recent history.
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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