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The MERVAL Index is the most important index of the Buenos Aires Stock Exchange (Bolsas y Mercados Argentinos – BYMA) in Argentina. It tracks the performance of a portfolio of the most liquid and actively traded stocks listed on the exchange. Therefore, the primary assets traded that constitute the MERVAL Index are the stocks of leading Argentine companies.
As of May 8, 2025, the MERVAL Index comprises 21 leading Argentine companies across various sectors. Some of the prominent constituents include:
* Energy: YPF (YPFD), Pampa Energía (PAMP)
* Financials: Grupo Financiero Galicia (GGAL), Banco Macro (BMA), BBVA Argentina (BBAR), Banco de Valores (VALO), BYMA (BYMA), Supervielle (SUPV)
* Utilities: Telecom Argentina (TECO2), Transportadora de Gas del Sur (TGSU2), Edenor (EDN), Transener (TRAN)
* Materials: Aluar (ALUA), Ternium Argentina (TXAR), Loma Negra (LOMA), Holcim Argentina (HARG)
* Consumer Staples: Molinos Río de la Plata (MOL)
* Industrials: Sociedad Comercial del Plata (COME), Mirgor (MIRG), Tenaris (TS)
* Real Estate: IRSA (IRSA)
It’s important to note that the composition of the MERVAL Index is reviewed and adjusted quarterly based on the trading volume and market capitalization of the listed companies.
Beyond the stocks that make up the MERVAL Index, the Buenos Aires Stock Exchange also facilitates trading in other assets, including:
* Corporate Bonds: Debt instruments issued by Argentine companies.
* Government Bonds: Debt instruments issued by the Argentine government.
* CEDEARs (Certificados de Depósito Argentinos): Certificates representing ownership of shares in foreign companies traded on international exchanges. These allow Argentine investors to indirectly invest in global companies.
* Investment Funds: Shares of mutual funds and other investment vehicles.
* Futures and Options: Derivative contracts, although these are primarily traded on Matba Rofex (the merged entity of MATba and ROFEX).
In summary, while the MERVAL Index specifically tracks the performance of leading Argentine stocks, the Buenos Aires Stock Exchange provides a platform for trading a broader range of financial assets.

Video courtesy of Interactive Brokers

Video courtesy of Interactive Brokers