Argentina’s Merval Slips as Bank Stocks Retreat
Key Facts
- Argentina’s Merval index fell 0.79% to 3,001,209 points on Thursday, giving back part of Wednesday’s 0.5% gain.
- Banks led the decline with Grupo Supervielle down 3.9%, Transportadora de Gas del Norte off 2.9% and BBVA Argentina losing 2.4%.
- Energy stocks bucked the trend as Transener rose 2.2% on a dividend announcement, Pampa Energía added 1.0% and YPF gained 0.7%.
- The peso slipped slightly with the official dollar rate up 0.34% to 1,535 pesos (US$1) on Banco Nación’s board.
- The central bank bought US$93 million in the currency market adding to its reserves for the day.
Today’s Focus
Argentina’s stock market took a breather on Thursday. The Merval, the main index of the Buenos Aires exchange, fell 0.79% to close at 3,001,209 points.
Banks, the stars of the long rally behind President Javier Milei’s reforms, led the decline. Energy and utility stocks moved the other way and posted gains.
The peso weakened a touch, with the official rate at 1,535 pesos per dollar at state-run Banco Nación. The central bank used the session to buy US$93 million for its reserves.
What matters today. This looked like investors locking in gains on bank shares after a long run, not a rush for the exit.
01 The session in one read
Argentina’s stock market gave back some ground on Thursday. The Merval index fell 0.79% to close at 3,001,209 points, undoing most of Wednesday’s 0.5% rise.
The index opened at 3,032,940, climbed to 3,036,530 in the morning, then slid to a low of 2,990,200 before steadying into the close.
The decline came from banks and financial companies, the same names that have powered the market’s gains under President Javier Milei’s reform programme.
The peso moved little. The official dollar rate rose 0.34% to 1,535 pesos on Banco Nación’s board, and the gap to the informal “blue” dollar stayed narrow at about 3.3%.
The pullback in bank shares looks like a pause after a long rally tied to the Milei agenda. Traders are not fleeing Argentina; they are rotating toward energy and utility names with steadier cash flows.
The peso’s calm is also encouraging. The central bank felt comfortable enough to buy US$93 million for its reserves, something it could not do when the currency was under real stress.
The variable to watch is whether bank shares find a floor in the coming sessions, or whether the selling spreads to the rest of the market.
02 The day’s numbers
| Measure | Level | Change | Read |
|---|---|---|---|
| Merval index | 3,001,209 | −0.79% | Banks led a modest pullback |
| Session range | 2,990,200 – 3,036,530 | — | Recovered from the day’s low |
| USD/ARS (official, Banco Nación) | 1,535 | +0.34% | Peso slightly weaker; blue-chip rate gap ~3.3% |
| Central-bank dollar purchases | US$93 million | — | Reserves boosted again |
| Share turnover | AR$393 billion | — | Roughly US$260 million; a normal session |
The Merval held above the three-million-point line despite the fall. In dollar terms measured at the CCL market rate, the index closed at 1,865 points, down 0.41%.
The index is up roughly 50% from its level a year ago, when it traded below two million points. That context explains why a 0.79% dip reads as a pause rather than a scare. Rio Times · Live Market Intelligence
Live Market IntelligenceArgentina — Live Market Board
Argentina — Live Market Board
Instrument Last Change YoY Prev. High Low Volume
MERVAL
3,001,209
-0.79%
+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 — banks cool off, energy steps up
The Milei reform bet has been the dominant story for Argentine assets. Banks like Grupo Galicia, Banco Macro and BBVA Argentina sit at its centre, because a steadier economy should mean more lending and fatter profits.
After months of gains, some investors chose to lock in profits on Thursday. Grupo Supervielle fell 3.9%, gas transporter TGN lost 2.9% and BBVA Argentina shed 2.4%, with Galicia and Macro also lower.
Energy names moved the other way. Transener rose 2.2% after announcing a dividend of about 570 pesos per share, Pampa Energía gained 1.0% and oil giant YPF added 0.7%.
Global markets offered no excuse for the drop. US stocks rose, with the S&P 500 up 0.72%, so Thursday’s weakness in Buenos Aires was home-grown.
04 The day’s movers
| Driver | Level / Move | Change | Note |
|---|---|---|---|
| Grupo Supervielle (SUPV) | Biggest faller | −3.89% | Led bank losses |
| Transportadora de Gas del Norte (TGNO4) | Gas pipeline | −2.92% | Among the day’s steepest falls |
| BBVA Argentina (BBAR) | Bank | −2.37% | Caught in the sector pullback |
| Grupo Galicia (GGAL) | Most-watched bank | lower | Fell with the sector |
| Banco Macro (BMA) | Bank | lower | Followed the sector down |
| Transener (TRAN) | Best gainer | +2.17% | Announced a ~570-peso per-share dividend |
| Pampa Energía (PAMP) | Energy group | +0.96% | Supported by the rotation to energy |
| YPF (YPFD) | Oil major | +0.68% | Bucked the trend |
The split between banks and energy names is the day’s real story. Investors are not abandoning Argentine shares; they are shifting toward companies with hard assets and dollar-linked revenue.
Transener’s dividend announcement gave buyers a concrete reason to move. Cash payouts matter when the reform story is already priced in.
05 The regional scoreboard
| Index | Country | Change |
|---|---|---|
| IPSA | Chile | +0.9% |
| Ibovespa | Brazil | +0.31% |
| IPC | Mexico | −0.55% |
| Merval | Argentina | −0.79% |
Argentina was the region’s laggard on Thursday, even as a broad index of emerging-market shares rose 0.66% globally.
Chile’s IPSA led Latin America with a 0.9% rebound, and Brazil’s Ibovespa stretched its winning run to seven sessions.
06 The technical picture
The Merval closed in the middle of its session range, between a low of 2,990,200 and a high of 3,036,530. Buyers defended the area just below three million points.
The index is roughly 50% higher than a year ago, so a pause after such a run is normal. Support sits near 2.99 million, with resistance around 3.04 million.
A close below 2.99 million would suggest the bank-led pullback has further to go. A push back above 3.04 million would signal the pause is over.
07 What to watch
- Bank-share stability: whether Supervielle, BBVA, Galicia and Macro find a floor will decide the index’s next move.
- Central-bank buying: continued dollar purchases would signal confidence in the peso’s calm.
- Energy rotation: if money keeps flowing into YPF, Pampa and utilities, the market’s leadership is changing.
- The Fed’s Jackson Hole speech: a stronger US dollar would test the peso’s quiet spell.
Merval — More: Argentina news in English, every day from The Rio Times.
Frequently Asked Questions
What is the Merval?
The Merval is Argentina’s main stock index, tracking the largest and most-traded companies on the Buenos Aires Stock Exchange.
Why did Argentine bank shares fall on August 27?
Investors locked in gains after a long rally tied to President Milei’s reform agenda, and shifted money into energy and utility stocks.
How many pesos make a dollar in Argentina?
The official rate closed at 1,535 pesos per dollar on state bank Banco Nación’s board on Thursday, up 0.34%, with the informal “blue” rate only about 3.3% higher.
Merval — Market data: RT; exchange figures from BYMA; official exchange rate from Banco Nación
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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