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What the index measures
The index measures the performance of selected Argentine-listed stocks. Its parent, the S&P/BYMA Argentina General Index, defines the eligible share universe; the construction index then selects stocks classified in designated industries under the Global Industry Classification Standard (GICS). S&P Dow Jones Indices describes the index as covering construction materials, building products, construction and engineering, homebuilding and related industries.
The methodology provides a more precise list of eligible GICS sub-industries, including Forest Products. The index therefore reflects the market performance of qualifying shares, not the amount of construction taking place in Argentina.
Which industries qualify
The S&P/BYMA methodology lists five eligible GICS sub-industries:
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- Construction Materials (15102010)
- Forest Products (15105010)
- Building Products (20102010)
- Construction & Engineering (20103010)
- Homebuilding (25201030)
A company’s inclusion depends on its classification and eligibility in the parent index; the sector label alone does not mean every construction-related company is included. The official index page does not provide a current full constituent list in the information cited here.
How stocks become eligible
The parent index covers local shares listed on the Buenos Aires Stock Exchange. BYMA and S&P Dow Jones Indices describe an activity threshold: shares must have traded on at least 20% of trading sessions during the preceding 12 months. The construction index draws its eligible stocks from that parent universe, then applies its GICS industry criteria. See BYMA’s market data description and the S&P/BYMA Argentina General Index page.
How the index is weighted and maintained
The index uses float-adjusted market-capitalization weighting, which the methodology calls FMC. A company’s influence depends on its market capitalization adjusted for the shares available to public investors. As a result, larger eligible companies can have substantially more weight than smaller ones; the index is not an equal-weighted basket.
S&P Dow Jones Indices reports that the index is rebalanced annually in March, calculated at the end of each trading day, and denominated in ARS. Adjustments and corporate-action treatment follow the parent S&P/BYMA Argentina General Index. If GICS reclassifies a constituent, it can move out of this sector index and into another index at the time of reclassification. These rules are set out in the S&P/BYMA Indices Methodology.
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How to interpret published figures
Index figures are snapshots, not current values or forecasts. In its page data, S&P Dow Jones Indices reported six constituents and an 82.5% weight for the largest constituent as of August 31, 2026. The page reported a price-return index level of 32,170.31 ARS and a one-year price return of 36.87% as of September 14, 2026. Those dated observations illustrate that the index can be highly concentrated; they do not show construction output or predict subsequent returns.
Check the date and return variant when comparing figures. S&P Dow Jones Indices lists SPBYCAP as the Bloomberg price-return ticker and SPBYCAT as the Bloomberg total-return ticker. Price return and total return are different series, so comparisons should use the same variant, period and observation date. Historical values before the stated launch date of October 7, 2019 are hypothetical back-tested history, not actual index performance. The first value date is January 11, 2019.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How it differs from a construction-activity measure
This index can help describe how the market values listed companies classified in construction-related industries. It cannot, by itself, establish whether Argentina is building more homes, completing more projects, producing more cement or experiencing rising property prices. Those questions require separate economic or industry indicators.
It also differs from the broader S&P/BYMA Argentina General Index: the parent represents the eligible domestic-share universe, while the construction index narrows that universe to qualifying industry classifications. Both remain equity indexes, and neither should be confused with a direct measure of real-world construction activity.
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