[1] The corporations and weighted prices that compose MERVAL are updated every three months, based on their market share during the previous period.
During that period, the index hit its minimum value in 2001, some time before the explosion of the economic crisis, but recovered in an accelerated fashion after that.
This is due to the Argentine economy experiencing chronic inflation, which causes the peso to lose substantial purchasing power in a short period of time.
As a result, despite the high valuations Argentine stocks actually lost value in hard currency terms such as U.S. dollars over the long run.
[6] As inflationary pressure has continued in Argentina, with the annual inflation rate exceeding 100% for the first time in more than three decades, the S&P MERVAL index went up by 360% in 2023.