Argentina’s MERVAL Leads Emerging Markets Surge on Global Trade Thaw
Argentina’s S&P MERVAL index jumped 5.49% to 2,230,394.80 on May 12, outpacing global peers as U.S.-China tariff reductions ignited risk appetite.
The rally added 116,009.25 points, trimming its year-to-date loss to 11.97% but leaving it 22% below January’s peak. Industrial stocks led gains (+12.71%), while healthcare (-2.18%) and materials (-1.80%) lagged, reflecting shifting sector bets.
Global markets roared higher after Washington and Beijing agreed to slash reciprocal tariffs from 125% to 10%, sparking the Dow’s 1,161-point surge and Brazil’s Bovespa climb to record highs.
Argentina’s export-heavy equities capitalized on the trade détente, with energy giant YPF soaring 10.1% as oil prices stabilized. Central Puerto (+9.6%) and Telecom Argentina (+6.4%) followed, buoyed by infrastructure spending hopes.
Argentina’s MERVAL Breaks Out Amid Bullish Shift
Technical indicators flipped bullish as the MERVAL breached its 50-day moving average at 2,114,385.50. The RSI climbed to 53 from oversold territory, while Bollinger Bands signaled expanding volatility.
“This breakout could attract momentum traders,” said a Buenos Aires-based strategist, noting resistance at 2,300,000. Volume hit AR$84.1 trillion, exceeding the 30-day average by 18%.
Valuations remain depressed at 13.1x earnings, half February’s multiple, despite AR$8.1 trillion in corporate profits. The index now trades at 1.2x sales, down from 2.1x in January, as foreign investors cautiously re-enter a market still grappling with 55.9% inflation.
ETF inflows ticked up, with the Global X MSCI Argentina ETF (ARGT) rising 2.45% to $91.50 NAV. Brazil’s Bovespa edged 0.04% higher to 136,563, fueled by Petrobras (+2.71%) and Vale (+2.51%), while Argentina’s rally highlighted its sensitivity to global trade flows.
The peso held steady at 920 per dollar, supported by the Central Bank’s 29% policy rate. Market makers cited Milei’s deregulation push and Trump’s trade pivot as tailwinds, though political risks linger.
Six stocks accounted for 48% of today’s gains, exposing concentration risks. As night trading opened, futures suggested a 0.8% pullback, testing whether the rally can sustain.
The MERVAL’s rebound mirrors 2024’s 172% surge before this year’s 16.55% slump, a pattern underscoring Argentina’s high-beta status.
With tariff tensions easing and Milei’s reforms advancing, traders now watch whether AR$84.1 trillion ($74.39 billion) in market cap can rebuild toward January’s AR$102.1 trillion ($90.3 billion) peak.
Key Facts
— Deep Dive
Live Market IntelligenceArgentina — Live Market Board
Rio Times · Live Market Intelligence
Argentina — Live Market Board
+1.83%
177,418.78
+1.00%
65,048.39
-0.67%
11,315.26
-1.14%
3,033,848
+1.83%
2,425.08
-1.33%
59,928.30
-0.80%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| MERVAL | 3,033,848 | +1.83% | +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 |
— For the complete picture, read our in-depth guide: Latin America Stock Markets 2026: Ibovespa, Merval, COLCAP, IPSA and IPC Guide
More: Argentina news in English, every day from The Rio Times.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
In depth
Read More from The Rio Times