the S&P Merval cut bullish rally and fell 1.1%

the S&P Merval cut bullish rally and fell 1.1%
August 31, 2023 – 00:00

The Buenos Aires stock market stopped its bullish rally yesterday, after raising three wheels in a row. Meanwhile, dollar bonds operated with majorities of declines, as did local stocks and those listed on Wall Street. This happened in the midst of a constant search for coverage in the face of local political and economic uncertainty, less than two months before the presidential election.

The S&P Merval fell 1.1%, to 675,841.00 units, after reaching an intraday all-time high in pesos of 690,781.66 points the day before, and approaching a four-year record in dollars (851 points).

“We have logical short profit-taking in a market that remains on a bullish basis,” said a stock trader. “Stocks are cheap and tempting to get in,” he said.

Within this framework, the shares that fell the most yesterday were those of Grupo Supervielle (5.5%), those of BBVA (3.7%) and those of Telecom (3.6%). Meanwhile, the largest increases were those registered by Ternium (2.6%), Bolsas y Mercados Argentinos (2.2%) and Mirgor (0.2%).

The growing uncertainty about the near future of Argentina after the elections led to hedging at a time when there is a marked flight from holdings in pesos, agree the operators.

On the other hand, on Wall Street, the papers of Argentine companies operated with the majority of setbacks. The biggest losses were those of Grupo Supervielle (5%), BBVA (3.6%) and Edenor (3.3%). While the only ones that increased were those of Mercado Libre (2.9%), Loma Negra (0.5%) and Bioceres (0.1%).

In the fixed income segment, bonds in dollars operated with low majorities. The falls were led by the Global 2035 (3.7%), the Bonar 2029 (3.4%) and the Global 2041 (3.2%). In this context, the country risk, which is measured by the JP Morgan bank, rose 1.37% to 2,074 basis points.

Source: Ambito

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Posts

The XIII Provincial Tax Day begins

The XIII Provincial Tax Day begins

October 4, 2023 – 14:58 Organized by the Junín Delegation of the Professional Council, the day will feature speakers on taxes and tax procedures. freepik.es