The Buenos Aires stock market finally managed to close higher yesterday and end a streak of two losses in a row. Meanwhile, dollar bonds fell up to 4% and still cannot find a floor. This happened within the framework of a constant process of portfolio dollarization as a safeguard for investments in the face of the growing doubts generated by the upcoming presidential elections.
The S&P Merval rose 1%, to 562,553.890 units. In this framework, the leading panel operated with a majority of increases. The stocks that advanced the most were those of Ternium (+5%), Transener (+2.3%) and Banco BBVA (+2.1%). It should be noted that this index lost almost 14% in September, after a strong gain of 43% recorded in August.
Meanwhile, on Wall Street, Argentine papers continued with generalized falls. Those with the greatest losses are Edenor (-9.4%), Despegar (-5.8%), and Bioceres (-5.7%). “With a more cautious external climate in the background, which is combined with a context of growing local uncertainty, domestic assets have no choice but to extend the weakness without pause,” said economist Gustavo Ber.
Short-term political and economic doubts focus on the elections to be held on October 22, where Javier Milei, who proposes dollarizing the economy and eliminating the central bank, leads the polls, leaving behind the Minister of Economy and candidate, Sergio. Massa and the leader of Together for Change Patricia Bullrich.
Meanwhile, the New York Stock Exchange ended lower yesterday due to a new rise in US Treasury bond rates. The Dow Jones lost 1.29%, the technology Nasdaq lost 1.87% and the expanded S&P 500 index fell 1.37%.
In the fixed income segment, sovereign bonds in dollars closed with a majority of losses. Those that marked the greatest losses were Bonar 2035 (-4.6%), Global 2035 (-4%) and Bonar 2041 (-2.8%). In this framework, country risk registered 13 consecutive increases and reached 2,643 basis points, climbing 2%.
Source: Ambito
