Argentine Main Stock Index Falls 38% On Results Of Primaries Showing Lead Of Central-Left

MEXICO CITY (UrduPoint News / Sputnik - 13th August, 2019) Argentina's main Merval stock index has fallen 37,93 percent on results of primaries showing the lead of the central-left opposition, according to the data released on Monday.

This has become one of the worst index falls in the history of the Latin American nation.

The collapse of the stock index takes place amid the results of the primaries. The opposition alliance Front of All led by Alberto Fernandez is gaining over 47 percent of the vote, while the Together for Change coalition of the incumbent president, Mauricio Macri, is gaining only 32 percent.

A number of banks, including Banco Galicia, BBVA, Banco Ciudad and others, already lowered peso's exchange rate by 10 percent from Sunday to above 50 Argentine pesos per $1.