December 27, 2017 / 8:47 PM / a year ago

Argentina stock exchange changes trading process for illiquid shares

BUENOS AIRES, Dec 27 (Reuters) - Argentina’s BYMA stock exchange said on Wednesday it will move to an auction format for trading in some of its least-liquid shares, with the aim of avoiding abrupt changes in price, in response to a request from the country’s securities regulator.

Shares in 31 companies will trade three times a day to “contain volatility,” the exchange said in a statement. There will be a morning session that lasts 90 minutes, a midday session that lasts one hour, and a closing session that lasts a half hour.

Companies to be included in the new regime include bank Banco Santander Rio SA, electricity distributor Edesur , Petrolera del Conosur SA - a subsidiary of Venezuela’s state oil company PDVSA - and confectioner Havanna Holding SA, whose shares debuted last year. (Reporting by Jorge Otaola; Writing by Luc Cohen, Editing by Rosalba O’Brien)

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