Buenos Aires stocks plunged today with the Merval benchmark stock index falling by 6.3 percent to 8,123.70 points, led down by drops in oil companies shares which once more suffered drops in the price of the commodity.
In the beginning of the first working week of the year, the Brazilian Petrobras and Argentine YPF state-controlled companies were by far the biggest fallers in Buenos Aires Stock Exchange, after international oil prices sank to fresh 5 and a half year lows.
Petrobras lost 10.8 percent of its value on the Buenos Aires exchange, while YPF shares fell by 7.1 percent.
Tenaris was also a big loser in today’s trading, falling a massive 7 percent over the session. The Merval index reported overall gains of 60 percent across the course of 2014, making it one of the highest-growing markets in the world over the past year.
Source: Buenos Aires Herald