Argentine stocks end flat on economic
pessimism
Reuters Company News - August 02, 2000 18:58
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BUENOS AIRES, Aug 2 (Reuters) - Argentine stocks closed flat Wednesday
as the market suffered a bout of pessimism set off by a downbeat economic
forecast for 2000, paltry July tax collection figures and losses on the U.S.
Nasdaq index , which fell 0.73 percent, traders said.
The MerVal index of most-traded shares closed at 488.85 points, 0.01 point
above the Tuesday close. Floor- trading turnover spun down to $32.7 million
against $40.4 million the previous day. Of the companies trading on the
exchange, 23 rose, 28 declined and 11 remained unchanged.
"The session was characterised by local investor purchases as foreign funds
sold because of the decline in expectations for the economy," said Luis
Corsiglia of trading house Corsiglia y Cia.
"The market will gain when mechanisms appear that are going to drive
economic recovery. For the moment Mexico and Brazil are the biggest
receptors of liquidity in Latin America."
Tax collection in July grew 3.7 percent to 4.225,9 billion, short of the 4.0
percent to 6.0 percent forecasts made by private analysts. To make matters
worse, the government cut its estimate for 2000 gross domestic product
expansion to 3.0 percent from 3.5 percent.
Steelmaker Acindar rose 2.66 percent, while Siderar sank 3.30 percent. |
