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Argentina’s “construction index” may mean either a stock-market benchmark or a measure of building activity. For an equity comparison, the relevant benchmark is the S&P/BYMA Argentina General Construction Index: a small, sector-focused group of listed companies. The S&P MERVAL is broader, covering eligible domestic stocks selected for size and liquidity. If you mean construction activity rather than share prices, INDEC’s ISAC is the relevant measure—and it is not an equity return.
Which construction index do you mean?
The S&P/BYMA Argentina General Construction Index tracks eligible companies classified in specified construction-related industries. It is a sector equity index: its movements reflect the market prices of its constituent shares, not the amount of construction taking place in Argentina.
INDEC’s Indicador Sintético de la Actividad de la Construcción (ISAC) measures construction activity using statistical inputs. INDEC publishes original, seasonally adjusted, and trend-cycle series. These answer different questions from a stock index, so an ISAC percentage change should not be treated as a stock-market return. See INDEC’s construction statistics releases and its methodology and publication listing.
How the construction index differs from the S&P MERVAL
| Measure | What it represents | How it is formed |
|---|---|---|
| S&P/BYMA Argentina General Construction Index | Listed companies in specified construction-related industries that are constituents of the S&P/BYMA Argentina General Index. | Float-adjusted market-cap weighted. The S&P snapshot available for this comparison showed six constituents, with the largest accounting for 82.5% of the index. |
| S&P MERVAL | Argentina’s flagship broad equity benchmark: eligible domestic stocks trading on BYMA, selected using size and liquidity criteria. | Market-cap based, with membership shaped by the methodology’s eligibility, size, and liquidity rules. |
| INDEC ISAC | Construction activity, rather than the market value of listed companies. | A statistical indicator published as original, seasonally adjusted, and trend-cycle series. |
The construction index draws from the broad S&P/BYMA Argentina General Index and selects stocks by GICS industry classification. Its covered industries include construction materials, forest products, building products, construction and engineering, and homebuilding. It therefore does not directly measure construction output, permits, jobs, costs, or physical building activity. S&P’s construction index page, S&P MERVAL page, and index methodology describe the benchmarks and their construction.
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What the latest cited figures say—and do not say
INDEC’s July 2026 construction-activity readings
In its release dated September 8, 2026, INDEC reported that the original-series ISAC was down 4.5% year over year in July, while the cumulative original-series index for January through July was up 1.7% against the same period in 2025. The July seasonally adjusted series fell 4.6% from June; the trend-cycle series fell 1.1% month over month. These are distinct comparisons and should not be collapsed into a single description of “construction returns.”
Dated equity-index snapshots
S&P’s construction-index page showed 32,170.31 ARS and a year-to-date price return of -23.13% as of September 14, 2026. Its available constituent snapshot showed six companies and an 82.5% weight for the largest constituent. S&P’s MERVAL page showed 2,332,897.94 ARS and a year-to-date price return of -10.61% as of September 28, 2026. The pages’ separately displayed month-end performance tables were dated August 31, 2026. These are dated snapshots, not live values; the two YTD figures have different end dates and do not establish that one index outperformed the other over a matched period.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to make a fair stock-index comparison
To assess whether construction stocks have outperformed or lagged the broader Argentine market, compare the two equity benchmarks on identical terms:
- Use the same start and end dates. Do not compare YTD numbers taken from pages updated on different dates.
- Choose the same return basis. A price return reflects index-price movement; a total return also accounts for dividends under the applicable index convention. Do not mix the two.
- Keep currency consistent. The cited index snapshots are in ARS. An ARS return is not the same as a USD return.
- Separate nominal movement from purchasing power. A nominal local-currency index change does not by itself show inflation-adjusted performance.
- Check current membership and weights. The construction index snapshot’s six constituents and 82.5% largest holding indicate concentration at that time; confirm the current factsheet before relying on those figures.
For a question about construction-sector activity, compare ISAC series with care: year-over-year original data, month-over-month seasonally adjusted data, and the trend-cycle series use different comparison bases. For a question about investor performance, use the two S&P equity indices and matched return data instead.
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