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Friday, December 9, 2022

Drop wheel for dollar stocks and bonds

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On the Buenos Aires Stock Exchange, the ByMA S&P Merval index advanced 0.7% to 155,259.27 points, after falling 0.7% on Wednesday due to expected profit-taking and after rising 8.4% in the previous four wheels.

This market scored its intraday record in pesos at the beginning of the week, climbing to 157,059.97 units. The increases were led by the shares of Edenor (4.6%), followed by those of Transener (2.7%) and those of the BBVA bank (2.6%).

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Operators said that the 100% inflation projected for 2022, a notorious weakness of the Argentine peso and the weak level of the central bank’s (BCRA) reserves are major conditioning factors on the financial scenario.

In this sense, S&P Global affirmed the foreign currency rating of ‘Ccc+’ for Argentina’s sovereign debt, while it reduced the local currency rating to ‘Ccc-‘ with a negative outlook.

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Bonds and country risk

Argentine sovereign bonds in dollars sank to 3.2% this Thursday after a streak of five consecutive rises, encouraged by attractive returns in a positive global context for risk investments.

Thus, in the fixed income market, the dollar bonds that fell the most are Bonar 2030 (3%), Global 2035 (3.2%) and Global 2030 (1.9%).

Meanwhile, the country-risk measured by the JP Morgan bank rose 2.1% to 2,380 points.

Source: Ambito

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