MERVAL

The MERVAL ( Mercado de Valores de Buenos Aires, German: stock market in Buenos Aires ) is the leading stock index in Argentina. It comprises the 17 largest and most liquid companies in the Bolsa de Comercio de Buenos Aires, the Buenos Aires Stock Exchange trading.

Calculation

Technically, the MERVAL is a price index, which is weighted by market capitalization. It contains 17 shares, which constitute a representative cross-section of the largest and most liquid companies in the country. The index is not adjusted for dividend payments. Corporate actions such as stock splits have no ( distorting ) influence on the stock market barometer. The calculation is updated every second during the trading from 11:00 bis 17:00 clock clock local time (15:00 bis 21:00 clock clock CET).

The Index components are selected by the Bolsa de Comercio de Buenos Aires, the Buenos Aires Stock Exchange trading, by participation in market activities and the scope of transactions. Belonging to the index, starting examined by the market performance of the respective preceding six months, and updated every four months. The highest weights reach of Grupo Financiero Galicia financial service providers, the mining company Tenaris SA and the oil company Petróleo Brasileiro.

History

20th century

The MERVAL was first released on June 30, 1986. The underlying first was 100 points. In the 1980s, hyperinflation caused a devaluation of the local currency in global markets. On 1 April 1991 the Argentine currency Austral was bound by law to the U.S. dollar. The exchange rate was initially Austral 10,000 per U.S. dollar and with the introduction of the new currency Argentine Peso to 1 January 1992 a peso per U.S. dollar. The previously valid currency was exchanged at a ratio of 10,000:1. That is 10,000 Austral in 1991 have become one peso in 1992. To ensure that the base value of the MERVAL of 1986 to 0.01 points was determined.

In 1989, the MERVAL rose by 18,535 percent. It is nominally the largest annual profit in the history of the index. On 1 June 1991 the Argentine blue-chip index closed at 890.41 points. During the recession of the early 1990s, the index lost value. On October 16, 1992, he ended trading at 315.38 points, up by 64.6 per cent lower. On February 16, 1994, the stock market barometer closing at 727.85 points. The gain since October 1992 is 130.8 percent. On 8 March 1995, the index ended trading at 262.11 points. The loss since February 1994 is 64.0 percent.

On August 20, 1997, the MERVAL closing at 866.47 points. In the years 1997 and 1998 occurred in parts of the world financial, monetary and economic crises ( Asian crisis, Argentine crisis, the Russian crisis, Brazil crisis). Due to the crisis, investors in Argentina had become nervous and there was an increased outflow of capital. On 10 September 1998, the stock index closed lower than in August 1997 at 301.73 points, up by 65.2 percent. Until 3 March 2000, the index rose by 113.9 percent to a closing level of 645.29 points.

21st Century

The Argentine crisis led in late 2001 collapse of the financial system and a period of great political instability. On 30 November 2001, the Argentine blue-chip index ended trading at 200.14 points. The loss since March 2000 is 69.0 percent. It is the biggest downfall in the history of the index. On 11 January 2002, the national currency was first devalued by 29 percent to 1.40 pesos per U.S. dollar, however, this rate could not be kept stable and so the currency was released on 31 January 2002. After a decline in gross domestic product in 2001, the country's economy rebounded since mid-2002, it was located since 2003 on a growth path.

In the following years the MERVAL achieved numerous records. On 2 December 2003, he graduated with 1022.40 points calculated for the first time above the limit of 1,000 points and on 13 December 2006 with 2032.74 points for the first time over the 2,000 -point mark. Until 31 October 2007, the stock market barometer rose to a closing level of 2351.44 points. The gain since November 2001 is 1,074.9 percent.

In the course of the international financial crisis in the U.S. real estate crisis originated in the summer of 2007, the MERVAL began to fall again. From the autumn of 2008, the crisis had an increasing impact on the real economy. As a result, stock prices plummeted worldwide. On 22 October 2008, the index closed at 940.82 points at the 1,000 -point mark. A new low was achieved by the MERVAL on 21 November 2008, when he finished trading with 828.99 points. Since October 31, 2007, this represents a decrease of 64.7 percent.

The November 21, 2008 marked the turning point of the descent. From the autumn of 2008 the MERVAL was back on the way up. On 29 October 2010 he graduated with 3007.41 points for the first time above the limit of 3,000 points. On 20 January 2011, the stock index ended trading at an all time high of 3664.82 points. Since November 2008, this represents an increase of 342.1 percent. The slowdown in the global economy and the intensification of the euro crisis led to a fall in the MERVAL. On 4 October 2011, the Argentine blue-chip index closed at 2286.73 points. The loss since the all-time high January 20, 2011 amounts to 37.6 percent.

The announcement of new bond purchase programs of the European Central Bank and the U.S. Federal Reserve in principle unlimited extent led to a recovery of prices in the stock market. The monetary stimulus played a greater role in price formation, as the global economic slowdown and the position of the company. On 10 January 2013, the index closed at 3114.20 points, up by 36.2 per cent as on October 4, 2011.

Highs

The overview shows the all-time highs of MERVAL.

Milestones

The table shows the milestones of MERVAL.

Annual development

The table shows the development of the MERVAL since 1986.

Composition

The MERVAL consists of the following companies (as of 23 February 2011)