Grupo Financiero (GGAL) Gets Beaten by Argentina Economic Uncertainties

We recently published 10 Stocks Losing Big Amid Market Boom. Grupo Financiero Galicia SA (NASDAQ:GGAL) is one of the worst performers on Thursday.

Grupo Financiero extended its decline for a second day on Thursday, shedding 7.65 percent to close at $27.30 apiece as investor sentiment was dampened by mounting uncertainties over Argentina’s fiscal stability.

Grupo Financiero Galicia SA (NASDAQ:GGAL) tumbled alongside its counterparts and the Argentine markets after the central bank executed its largest daily dollar sale in five months as the country tries to defend its local currency.

Investors, on the other hand, sold off positions to minimize potential risks, cutting exposure to local banks.

In other news, Grupo Financiero Galicia SA (NASDAQ:GGAL) recently received a “strong sell” recommendation from Zacks Equity Research.

In addition, Zacks said the consensus estimate for its current year earnings has been revised 6.3 percent downward over the last 60 days.

Grupo Financiero Galicia SA (NASDAQ:GGAL) is a financial services holding company based in Buenos Aires, Argentina, and which owns and operates Banco Galicia.

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Disclosure: None. This article is originally published at Insider Monkey.