Friday, August 5, 2011

Buenos Aires stocks drop 1.4%

Buenos Aires stocks were unable to escape the domino effect of the skeptical global markets, following the financial crisis in the US. The Merval benchmark stock index plummeted, dropping by 1.4 percent, to 3,067.61 points.

Argentina's country-risk increased by 6.3% reaching 689 basis points in the JP Morgan EMBI index.

The American currency traded for AR$4.14/AR$4.185, gained half a cent compared to the previous closing price in the main banks and bureau de change in Buenos Aires downtown.