Argentine stocks rise for 13th straight session, hit record high

Source: Reuters
By: Reuters Staff

BUENOS AIRES, Oct 3 (Reuters) - Argentina’s leading Merval stock index rose for a 13th straight session on Tuesday, the longest streak in its history, as growth picks up and polls show the market-friendly government is likely to win in October’s legislative elections.

The index rose 1.3 percent on Tuesday to close at 26,682 points after surging to a record-high 26,691. In a banner year for emerging market stocks, the Merval has outperformed regional peers, climbing 58 percent so far this year compared with 31 percent for Chile’s IPSA and 27 percent for Brazil’s Bovespa.

The rally accelerated in August after President Mauricio Macri’s coalition performed better than expected in congressional primaries, seen as a dry run ahead of the Oct. 22 midterm vote. Most crucially, Macri’s candidate nearly beat former populist President Cristina Fernandez in a key Senate race.


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