Argentina ETFs on rise after central bank raises key interest rate to 40%

Exchange-traded funds that track Argentina‘s equity market rose on Friday, after the country‘s central bank raised interest rates for the third time in eight days. The Global X MSCI Argentina ETF rose 1.3% on heavy trading, with more than 155,000 shares exchanging hands. That‘s well above its 30-day average, which is below 70,000. The fund, which has about $187 million in assets, remains down by about 5.4% for 2018 thus far. Separately, the iShares MSCI Argentina & Global Exposure ETF rose 0.9% on Friday. Argentina‘s central bank raised rates to 40%, up from 27.25% a week ago. The raised rates come as the country‘s currency has been falling. The Dow Jones Industrial Average rose 0.6% while the S&P 500 was up 0.5% and the Nasdaq Composite Index rose 0.8%.