The performance of assets in the local market is influenced by good news that the Government received in recent days, at the same time that the Central Bank continues to purchase reserves.
Argentine stocks operate unevenly this Monday, October 14after a local holiday and reduced operations due to the partial inactivity of the American plaza for “Columbus Day”. In that framework, The NYSE and Nasdaq operate, but bonds are not listed on Wall Street. In this framework, the S&P Merval rises, but the ADRs register a majority of declines.
Recent political triumphs of the Government in Congress, a drop in the inflation data for September and good compliance with ambitious money laundering They are the keys to a string of improvement in assets and the sharp drop in country risk, analysts say.
“The performance of the assets was helped by the inflation figure below 4%, the central bank (BCRA) that continues to buy reserves, and the presidential veto of the university financing law. In the latter, the impact does not go through the number itselfbut in the signal that fiscal balance is a pillar of the current macro scheme”, said Roberto Geretto of Fundcorp.
“The abundance of dollars has calmed spirits and improved the prices of local assets, although its cause has a temporary duration such as money laundering,” said VatNet Financial Research.
How the S&P Merval and ADRs operate, this October 14, 2024
The leading index S&P Merval rises 0.7% to 1,795,644.81 pointsafter growing 1.5% last week.
In this context, gains in pesos are extended for the fourth consecutive day and the shares of Galicia Financial Group (+3%), Macro Bank (+2.7%), Pampa Energy (+2.4%) and Northern Gas Transport (+2.1%).
For their part, Argentine stocks operate with a majority of losses, of up to 3.3% led by Bioceres, Supervielle Group (-2%) and Telecom Argentina (-1.7%).
Source: Ambito
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