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1Fix the driver behind crashes, sound loss and screen glitches2Repair Windows errors before they cause bigger problems3Scan for outdated or missing drivers - takes under a minuteArgentina’s construction index can mean one of two very different things. The S&P/BYMA Argentina General Construction Index tracks shares of listed companies in construction-related industries, so it can be compared with the S&P MERVAL as an equity benchmark. INDEC’s ISAC, by contrast, measures construction activity in the economy—not stock returns.
Which “Argentina construction index” do you mean?
The distinction determines what a comparison with the S&P MERVAL can tell you:
- S&P/BYMA Argentina General Construction Index: a sector-focused stock index. It selects eligible companies classified in construction-related industries from the broader S&P/BYMA Argentina General Index. It measures equity-market performance, not the amount of construction taking place.
- INDEC’s ISAC: an official indicator of construction activity. It is useful for assessing conditions in the real economy, but its percentage changes are not stock-market returns.
INDEC describes the ISAC publication as covering its weighting structure, definitions, information sources, seasonal-adjustment method and trend-cycle estimation. See INDEC’s construction statistics and methodology listing.
How the construction index differs from the S&P MERVAL
| Measure | What it tracks | How it is constructed |
|---|---|---|
| S&P/BYMA Argentina General Construction Index | Eligible listed companies in specified construction-related industries | A subset of the S&P/BYMA Argentina General Index, weighted by float-adjusted market capitalization |
| S&P MERVAL | Large, liquid eligible domestic stocks trading on BYMA | A broad market benchmark with eligibility shaped by size and liquidity rules |
| INDEC ISAC | Construction activity in Argentina | A statistical indicator published as original, seasonally adjusted and trend-cycle series |
The construction index’s industry classifications include construction materials, forest products, building products, construction and engineering, and homebuilding. It therefore does not directly measure construction output, permits, employment, costs or physical building activity. S&P’s construction index page and index methodology describe the benchmark and its rules.
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The S&P MERVAL is broader: S&P describes it as seeking to measure the performance of the largest, most liquid stocks trading on BYMA that are classified as domestic stocks. Its index page and methodology are available from S&P’s S&P MERVAL page and the methodology link above.
What the latest cited figures show—and do not show
INDEC’s release dated September 8, 2026, reported a mixed picture for July 2026, depending on the comparison:
- The original-series ISAC was down 4.5% year over year in July.
- The original-series index was up 1.7% cumulatively for January–July 2026 compared with the same months of 2025.
- The seasonally adjusted index fell 4.6% month over month.
- The trend-cycle index fell 1.1% month over month.
These figures describe construction activity under different statistical comparison bases; they are not interchangeable with a stock index’s nominal return. The release is available from INDEC’s July 2026 ISAC report.
S&P’s displayed market snapshots also illustrate why dates matter. The construction index page showed 32,170.31 ARS and a year-to-date price return of -23.13% as of September 14, 2026. The S&P MERVAL page showed 2,332,897.94 ARS and a year-to-date price return of -10.61% as of September 28, 2026. Those are different snapshot dates, so they do not establish that one index outperformed the other over a matched period. The pages also displayed separate month-end performance tables dated August 31, 2026. Refer to the respective construction index page and S&P MERVAL page for the dated figures.
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To compare performance rather than simply describe each benchmark, align the underlying data first:
- Choose the question. Use the construction equity index to examine listed construction-related companies versus the wider domestic stock market. Use ISAC when the question is about construction activity.
- Match the period. Compare both equity indexes over identical start and end dates; do not combine year-to-date figures taken on different dates.
- Match the return basis. Decide whether the comparison uses price return or total return, which includes dividends under the relevant index convention, and use the same basis for both indexes.
- Match the currency and interpret it carefully. The cited S&P snapshots are in ARS. A nominal peso return is not the same as a return adjusted for inflation or converted to U.S. dollars.
- Check the index composition for the period. Membership and weights can change; use current factsheets and applicable methodology when interpreting a historical comparison.
Concentration changes what the construction index represents
The available S&P construction-index snapshot showed six constituents, with the largest constituent at 82.5% of the index. That is a highly concentrated snapshot: the index’s movement can be driven heavily by one company rather than by a broad cross-section of construction businesses. The constituent count and weight are a dated observation, not a permanent feature, so check S&P’s current page before relying on exact composition figures.
The MERVAL’s broader eligibility universe makes it a more general gauge of large and liquid domestic shares, though its own returns still reflect the weights and eligibility rules in force for the period being studied. Neither benchmark alone is a complete measure of Argentina’s construction economy.
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