Argentine peso and markets plunge after shock vote

(FASTNEWS|COLOMBO) -Argentine stock markets and its currency have both plunged after conservative Argentine President Mauricio Macri suffered a shock defeat in primary elections on Sunday.

The peso fell 15% against the dollar on Monday after earlier plunging around 30% to a record low.

Some of the country’s most traded stocks have also lost around half of their value in one day.

Mr Macri, in response, has pledged to “reverse” Sunday’s election result.

At a news conference on Monday, the president also said that the drop suggested the market lacked confidence in an opposition government.

 

Agencies