MERVAL
| MERVAL | |
|---|---|
| base data | |
| Country | Argentina |
| Stock exchange | Bolsa de Comercio de Buenos Aires |
| ISIN | ARMERV160025 |
| WKN | A0AEM9 |
| symbol | MERV |
| RIC | ^ MERV |
| Bloomberg code | MERVAL <INDEX> |
| category | Stock index |
| Type | Price index |
| family | MERVAL indices |
The MERVAL (MERcado de VALores de Buenos Aires, German: Buenos Aires stock market) 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 .
calculation
From a technical point of view, the MERVAL is a price index that is weighted according to market capitalization . It contains 17 stocks that make up 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 trading hours from 11:00 a.m. to 5:00 p.m. local time (3:00 p.m. to 9:00 p.m. CET ).
The Index components are from the Bolsa de Comercio de Buenos Aires , the trade exchange Buenos Aires chosen, by participation in market activities and the scope of transactions. The affiliation to the index is checked based on the market performance of the previous six months and updated every four months. The financial services provider Grupo Financiero Galicia , the mining company Tenaris SA and the oil company Petróleo Brasileiro achieved the highest weightings .
history
20th century
MERVAL was first published on June 30, 1986. The base value was initially 100 points. In the 1980s, hyperinflation caused the local currency to devalue in global markets. On April 1, 1991, the Argentine currency, Austral, was pegged to the US dollar by law. The exchange rate was initially 10,000 australes per US dollar and, with the introduction of the new currency, the Argentine peso, on January 1, 1992, one peso per US dollar. The previously valid currency was exchanged at a ratio of 10,000: 1. That is, 10,000 Austral in 1991 became 1 Peso in 1992. This also set the base value of the MERVAL from 1986 at 0.01 points.
In 1989 the MERVAL increased by 18,535 percent. It is nominally the largest annual gain in the history of the index. On June 1, 1991, the Argentine benchmark index closed at 890.41 points. During the recession in the early 1990s, the index lost value. On October 16, 1992, it ended trading at 315.38 points, 64.6 percent lower. On February 16, 1994, the stock market barometer closed at 727.85 points. The profit since October 1992 is 130.8 percent. On March 8, 1995, the index ended trading at 262.11 points. The loss since February 1994 is 64.0 percent.
On August 20, 1997 the MERVAL closed at 866.47 points. In 1997 and 1998 parts of the world suffered financial , currency and economic crises ( Asian crisis , Argentina crisis , Russian crisis , Brazilian crisis ). The crises made investors in Argentina nervous and increased capital outflows. On September 10, 1998, the share index closed at 301.73 points, 65.2 percent lower than in August 1997. By March 3, 2000, the index rose 113.9 percent to a closing level of 645.29 points.
21st century
The Argentina crisis led to the collapse of the financial system in late 2001 and a period of great political instability. On November 30, 2001, the Argentine benchmark index ended trading at 200.14 points. The loss since March 2000 is 69.0 percent. It is the biggest fall in the history of the Index. On January 11, 2002, the national currency was initially devalued by 29 percent to 1.40 pesos per US dollar, but this exchange rate could not be kept stable and so the currency was released on January 31, 2002. After a decline in the gross domestic product in 2001, the country's economy recovered from mid-2002 and has been on a growth path since 2003.
In the following years the MERVAL set numerous records. On December 2, 2003, it closed mathematically with 1,022.40 points for the first time above the limit of 1,000 points and on December 13, 2006 with 2,032.74 points for the first time above the 2,000 point mark. By October 31, 2007, the stock market barometer rose to a closing level of 2,351.44 points. The profit since November 2001 is 1,074.9 percent.
In the course of the international financial crisis , which had its origin in the US real estate crisis in summer 2007, the MERVAL began to decline again. From autumn 2008 the crisis increasingly affected the real economy. As a result, share prices collapsed worldwide. On October 22, 2008, the index closed at 940.82 points below the 1,000 point mark. The MERVAL reached a new low on November 21, 2008 when it ended trading at 828.99 points. Since October 31, 2007 this corresponds to a decrease of 64.7 percent.
November 21, 2008 marks the turning point of the downward trend. From autumn 2008 the MERVAL was on the way up again. On October 29, 2010 it closed with 3,007.41 points for the first time above the limit of 3,000 points. On January 20, 2011, the share index ended trading at an all-time high of 3,664.82 points. Since November 2008 this corresponds to an increase of 342.1 percent. The weakening of the global economy and the worsening of the euro crisis led to a collapse in the MERVAL price. On October 4, 2011, the Argentine benchmark index closed at 2,286.73 points. The loss since the all-time high on January 20, 2011 is 37.6 percent.
The announcement of new bond purchase programs by the European Central Bank and the US Federal Reserve , which are basically unlimited, led to a recovery in prices on the stock market. The monetary stimulus played a bigger role in the price formation than the global economic slowdown and the state of the companies. On January 10, 2013, the index closed at 3,114.20 points, 36.2 percent higher than on October 4, 2011.
Highs
The overview shows the all-time highs of the MERVAL.
| Points | date | |
|---|---|---|
| in the course of trading | 3,700.90 | Friday January 21, 2011 |
| on a closing price basis | 3,664.82 | Thursday January 20, 2011 |
Milestones
The table shows the milestones of the MERVAL.
| First close over |
Final score in points |
date |
|---|---|---|
| 1 | 1.05 | May 11, 1989 |
| 5 | 5.14 | June 16, 1989 |
| 10 | 10.20 | July 14, 1989 |
| 50 | 55.06 | 19th February 1990 |
| 100 | 101.10 | April 18, 1990 |
| 500 | 519.63 | August 21, 1991 |
| 1,000 | 1,022.40 | December 2, 2003 |
| 1,500 | 1,517.93 | February 14, 2005 |
| 2,000 | 2,032.74 | December 13, 2006 |
| 2,500 | 2,533.29 | 20th September 2010 |
| 3,000 | 3,007.41 | October 29, 2010 |
| 3,500 | 3,522.60 | December 29, 2010 |
Annual development
The table shows the annual development of MERVAL since 1986.
| year | Final score in points |
Change in points |
Change in% |
|---|---|---|---|
| 1986 | 0.01 | ||
| 1987 | 0.03 | 0.02 | 200.00 |
| 1988 | 0.20 | 0.17 | 566.67 |
| 1989 | 37.27 | 37.07 | 18,535.00 |
| 1990 | 92.50 | 55.23 | 148.19 |
| 1991 | 800.62 | 708.12 | 765.54 |
| 1992 | 426.33 | -374.29 | −46.75 |
| 1993 | 581.91 | 155.58 | 36.49 |
| 1994 | 460.49 | −121.42 | −20.87 |
| 1995 | 518.96 | 58.47 | 12.70 |
| 1996 | 649.37 | 130.41 | 25.13 |
| 1997 | 687.50 | 38.13 | 5.87 |
| 1998 | 430.06 | −257.44 | −37.45 |
| 1999 | 550.47 | 120.41 | 28.00 |
| 2000 | 416.77 | −133.70 | −24.29 |
| 2001 | 295.39 | −121.42 | −29.13 |
| 2002 | 524.95 | 229.60 | 77.74 |
| 2003 | 1,071.95 | 547.00 | 104.20 |
| 2004 | 1,375.37 | 303.42 | 28.31 |
| 2005 | 1,543.31 | 167.94 | 12.21 |
| 2006 | 2,090.46 | 547.15 | 35.45 |
| 2007 | 2,151.73 | 61.27 | 2.93 |
| 2008 | 1,079.66 | −1,072.07 | −49.82 |
| 2009 | 2,320.73 | 1,241.07 | 114.95 |
| 2010 | 3,523.59 | 1,202.86 | 51.83 |
| 2011 | 2,462.63 | −1,060.96 | −30.11 |
| 2012 | 2,854.29 | 391.66 | 15.90 |
| 2013 | 5,391.03 | 2,536.74 | 88.87 |
| 2014 | 8,579.02 | 3,187.99 | 59.14 |
| 2015 | 11,675.18 | 3,096.16 | 36.09 |
| 2016 | 16,917.86 | 5,242.68 | 44.90 |
| 2017 | 30,065.61 | 13,147.75 | 77.72 |
| 2018 | 30,292.55 | 226.94 | 0.75 |
composition
MERVAL consists of the following companies (as of May 16, 2020)
| Surname | Branch | Index weighting in% |
|---|---|---|
| Aluar | aluminum | |
| Banco Macro | Banks | |
| BBVA Banco Francés | Banks | |
| Bolsas y Mercados Argentinos | Exchanges | |
| Cablevisión | telecommunications | |
| Central Puerto | Supplier | |
| Cresud | Agrarian | |
| Edenor | Supplier | |
| Grupo Financiero Galicia | Financial service providers | |
| Grupo Financiero Valores | Financial service providers | |
| Grupo Supervielle | Banks | |
| Holcim Argentina | Building materials | |
| Pampa Energía | Supplier | |
| Sociedad Comercial del Plata | property | |
| Telecom Argentina | telecommunications | |
| Ternium | steel | |
| Shemale | Transmission system operator | |
| Transportadora de Gas del Norte | Gas network operator | |
| Transportadora de Gas del Sur | Gas network operator | |
| YPF | oil and gas |
Web links
Individual evidence
- ↑ a b Stooq: Historical Prices from 1988
- ↑ a b Yahoo: Historical prices from 1996
- ↑ Centro de Estudios para el Desarrollo de la Empresa: Gestión, Volume 23, Edition 284 , Centro de Estudios para el Desarrollo de la Empresa (Chile) 1998
- ↑ 1Stock1: MERVAL Index (Argentina) Yearly Returns
- ↑ MERVAL Index (Argentina) Yearly Stock Returns. Retrieved December 13, 2019 .
- ↑ Mercado de Valores de Buenos Aires: Listado completo