Argentina Markets: Merval & the Peso — July 9, 2026

Key Facts

Merval closed 3,223,998 down 1.32% on the day, a breather after a run that had carried the Buenos Aires blue-chip index toward records

Grupo Galicia fell 2.1% on roughly $12m of turnover, the banks giving back ground even as the wider reform trade stayed intact

YPF rose 1.8% on about $25m, the busiest domestic name of the session, energy carrying the tape while financials paused

the peso held near its strong edge with USD/ARS around 1,488 on the scan, only 0.3% off its 52-week extreme in a 1,256–1,492 band

country risk sat near 408–417bp its tightest in eight years after Economy Minister Luis Caputo detailed the 2026-2027 debt plan, keeping the credit story firmly bid

Today’s Focus

Buenos Aires took a breather on July 8. The S&P Merval — the Buenos Aires blue-chip index — closed at 3,223,998, down 1.32%, as the banks that had powered recent sessions gave back ground.

This was a rotation, not a rethink. YPF, the state-controlled oil major, rose 1.8% on the heaviest domestic turnover while Grupo Galicia, the country’s largest listed bank, slipped 2.1% — energy leading and financials pausing.

The macro backdrop stayed supportive: country risk sat near an eight-year low after the Treasury laid out its debt plan, and the peso held near the strong end of its band. The pullback was a profit-taking session inside an intact reform trade, not a break in it.

For an offshore desk, the read is that the credit re-rating still anchors the equity story — the wobble was in the names, not the narrative.

What matters today. A one-day dip led by banks, with country risk near an eight-year low and the peso firm, leaves the Milei reform trade intact.

01 The session in one read

Argentina’s equity market eased on July 8, with the Merval closing at 3,223,998, down 1.32% after a stretch that had pushed it toward record ground. This was the pause, not the reversal.

The split beneath the surface told the story: energy names firmed while the banks that had carried recent sessions took profits. YPF, which alone carries close to a third of the index, added 1.8% on the busiest domestic turnover.

The catalyst that had driven the recent rally sat in the bond pits, not the equity screen. Sovereign dollar bonds have rallied on the government’s debt plan, dragging country risk to an eight-year low — and equities had been following that credit lead higher.

On this particular day, the lead simply paused as investors banked gains in the financials — a discriminating market taking a breather rather than losing conviction.

Assessment — A bank-led breather, not a turn HIGH

The evidence points to healthy rotation rather than stress: YPF and the energy complex firmed while Galicia and Aluar led the give-back, and the peso stayed pinned near its strong edge with no sign of capital flight. With country risk still near an eight-year low, the sovereign credit that has driven this rally remains the anchor — the variable to watch is whether the banks resume leadership or the profit-taking deepens into next week.

02 The day’s numbers

Measure

Level

Change

Read

S&P Merval

3,223,998

−1.32%

a breather after a run toward records

ARGT (Argentine equity proxy)

92.44

−0.40%

9.9% below its 52-week high; range 66.80–102.57

USD/ARS (the peso)

1,488

−0.30%

pinned near the strong edge, 0.3% off its 52w extreme; range 1,256–1,492

Country risk (EMBI spread)

~408–417bp

—

near its tightest in eight years

The scan puts the ARGT proxy — a US-listed Argentine equity basket — at 92.44, down 0.40% and 9.9% below its 52-week high, framing a market off its peak but far above the 66.80 floor.

The peso is the quieter signal. At around 1,488 per dollar it sits just 0.3% from the strong end of a 1,256–1,492 band — the currency doing none of the day’s damage and showing no stress that would turn an equity dip into something larger.

The key technical level remains the round-number zone the index has wrestled with; 3.0–3.1 million acted as both magnet and ceiling through spring, and the market now sits comfortably above it.

Live Market IntelligenceArgentina — Live Market BoardInside: market breadth, the sector heatmap, currencies & rates, the Latin America scoreboard and the full instrument board.

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Argentina — Live Market Board

BYMA · Buenos Aires

Jul 9, 2026 · 04:01

S&P MERVAL · benchmark

3,202,490

-0.67%

L 3,197,195day rangeH 3,264,216

+50.37% over 12 months

Market breadth · 14 names

50% advancing

7 ▲ advancing7 declining ▼

Currencies, rates & key inputs

USD / ARS

1,487

-0.34%

Brent crude

77.82

-0.26%

Soybeans

1,191

-0.36%

Sector heatmap · average move today

Telecom

+1.29%

TELECOM ARG

Energy

+1.01%

YPF, TGS

Financials

+0.78%

GGAL, COME, BYMA

Consumer Disc.

+0.18%

MIRGOR, MERCADOLIBRE

Utilities

-0.17%

PAMPA, CEPU

Mining

-1.41%

TXAR

Materials

-1.94%

ALUAR, LOMA NEGRA

Technology

-5.53%

GLOBANT

Latin America scoreboard

IndexLastTodayStrength

IbovespaBrazil

170,653

-0.79%

S&P/BMV IPCMexico

66,610

-0.10%

S&P IPSAChile

10,947

-0.71%

S&P MERVALArgentina

3,202,490

-0.67%

MSCI COLCAPColombia

2,312.96

+0.81%

BVL S&P PerúPeru

55,516.19

-1.10%

Full instrument board

InstrumentLastChangeYoYPrev.HighLowVolume

MERVAL

3,202,490

-0.67%

+50.37%

3,223,998

3,264,216

3,197,195

—

USD/ARS

1,487

-0.34%

+18.53%

1,492

1,487

1,487

—

YPF

75,725

+1.75%

+81.82%

74,425

78,900

75,100

481,866

GGAL

7,910

-1.68%

+23.70%

8,045

8,095

7,805

2,171,454

PAMPA

5,205

+0.48%

+37.70%

5,180

5,330

5,165

804,471

TXAR

665.00

-1.41%

+6.32%

674.50

680.00

663.00

1,328,571

ALUAR

960.00

-3.03%

+38.75%

990.00

1,010

960.00

466,963

TGS

9,355

+0.27%

+32.43%

9,330

9,540

9,265

275,901

CEPU

2,310

-0.82%

+55.37%

2,329

2,350

2,301

616,684

MIRGOR

17,400

+0.58%

-20.19%

17,300

17,475

16,850

2,917

COME

45.47

+2.87%

-11.74%

44.20

45.80

43.35

8,582,880

LOMA NEGRA

3,510

-0.85%

+21.44%

3,540

3,575

3,468

421,868

BYMA

309.75

+1.14%

+57.23%

306.25

312.00

303.00

1,893,103

TELECOM ARG

4,133

+1.29%

+82.30%

4,080

4,150

4,033

120,177

GLOBANT

29.90

-5.53%

-67.76%

31.65

31.28

29.65

2,920,403

MERCADOLIBRE

1,809

-0.23%

-26.96%

1,814

1,815

1,765

273,686

Largest moves today

GLOBANT

29.90

-5.53%

ALUAR

960.00

-3.03%

COME

45.47

+2.87%

YPF

75,725

+1.75%

GGAL

7,910

-1.68%

TXAR

665.00

-1.41%

TELECOM ARG

4,133

+1.29%

BYMA

309.75

+1.14%

The session read

The S&P MERVAL eased 0.67%, with breadth evenly split — 7 of 14 names higher. Telecom led, while Technology lagged.

03 Why it moved — banks took profits inside an intact reform trade

The move was a rotation. The heavyweight banks — led by Grupo Galicia, down 2.1% — gave back gains after powering the recent advance, while energy names stepped up.

The wider backdrop stayed constructive. Country risk — JPMorgan’s EMBI spread, the premium Argentina pays over US Treasuries — has compressed to its tightest in roughly eight years after Economy Minister Luis Caputo detailed how the Treasury will meet its dollar debt through 2027.

That credit re-rating is the engine of the Milei reform trade, and it flows first into the banks — which is exactly why a day of profit-taking in the financials dragged the index even as the story held. The peso’s steadiness near its strong edge underlined that this was positioning, not a loss of nerve.

For foreign desks the read is clean: the sovereign curve is doing the heavy lifting, and individual equities are taking their turns to lead and to rest.

04 The day’s movers

Driver

Level / Move

Change

Note

YPFD (YPF)

$25m turnover

+1.8%

busiest domestic name; energy led the tape

VIST (Vista Energy)

$13m turnover

+4.8%

the day’s punchiest large-cap gainer, riding the energy bid

GGAL (Grupo Galicia)

$12m turnover

−2.1%

the largest bank gave back ground, the single clearest drag

ADGO (Adecoagro)

—

+6.7%

the biggest domestic gainer on the board

ALUA (Aluar)

—

−2.2%

the biggest domestic loser; aluminium name led decliners

PAMP (Pampa Energía)

$3m turnover

+0.5%

energy complex firm but quieter

The turnover table shows where the money went: YPF topped the domestic board on roughly $25m, with Vista Energy up 4.8% — energy names clearly setting the pace. Galicia’s 2.1% slide on about $12m was the clearest single drag.

Note that several of the busiest tickers on the Buenos Aires tape — NVDA, MSFT and SPY among them — are CEDEARs, locally listed certificates tracking US stocks and ETFs whose moves reflect Wall Street and the peso, not Argentine corporate performance. On the purely domestic board, Adecoagro’s 6.7% gain led the risers and Aluar’s 2.2% fall led the fallers, a spread that captures the day’s rotation out of industrials and into energy.

05 The regional scoreboard

Index

Country

Change

Merval

Argentina

−1.32%

Ibovespa

Brazil

−0.25%

IPSA

Chile

+0.53%

IPC

Mexico

−1.17%

S&P/BVL

Peru

−1.14%

The regional picture was mixed, with Chile the lone clear gainer while Brazil slipped only marginally and Mexico and Peru fell harder. Argentina’s 1.32% decline made it the region’s softest major index on the day — a reversal from recent sessions where the credit story had left Buenos Aires outperforming.

The live market board above carries each index’s closing level in full; the reads here are curated context rather than a duplicate ticker. The dispersion is the point — each market traded its own domestic anchor, with no single macro thread pulling the whole region one way.

06 The technical picture

The Merval’s close at 3,223,998 leaves it comfortably above the 3.0–3.1 million zone that acted as both magnet and ceiling through late spring — a level now reclaimed as support rather than resistance. The index printed a record near 3,390,505 on June 12, so the pullback keeps it within striking distance of highs.

The peso’s chart is the calmer one. At around 1,488, USD/ARS is pressing the strong end of its 1,256–1,492 range, and until that band gives way the currency will keep doing the interpretive work for dollar-based holders.

The variable to watch is breadth in the banks. If Galicia and the financials resume leadership, the reclaimed 3.1 million floor frames a base for another push at the June record; a deeper give-back would test whether the reform-trade bid can carry the index without its heaviest sector.

07 What to watch

Bank breadth: whether Grupo Galicia, Banco Macro and the financials resume leadership — the sector that transmits the credit re-rating into the index

Country risk: further compression below recent eight-year lows would confirm the sovereign bid; any back-up would be the first warning the reform trade is tiring

The peso band: USD/ARS pinned near the strong 1,492 edge signals calm; a decisive move would change the read for dollar-based holders

Energy names: YPF, Vista and Pampa carrying the tape as banks pause — watch whether the rotation into oil has legs against a soft global crude backdrop

Background: Milei Wants Argentina to Be the First Home for AI-Run Firms.

Background: Argentina’s Merval Grinds Higher as Country Risk Sinks to an Eight-Year Low.

Frequently Asked Questions

Why did the Merval fall on July 8?

It eased 1.32% to 3,223,998 mainly on profit-taking in the banks — Grupo Galicia fell 2.1% — after a run toward records, with energy names like YPF partly offsetting the drag.

Did anything change in the macro story?

No. Country risk stayed near an eight-year low after the Treasury detailed its 2026-2027 debt plan, and the peso held near its strong edge — the dip was positioning, not a shift in fundamentals.

What led the domestic board?

YPF was the busiest name on about $25m and rose 1.8%; Vista Energy jumped 4.8% and Adecoagro topped gainers at 6.7%, while Aluar led fallers at −2.2%.

Where does the peso stand?

USD/ARS was around 1,488 on the scan, down 0.30% and just 0.3% off the strong end of a 1,256–1,492 52-week band — steady and showing no stress.

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