The Buenos Aires stock market fell sharply yesterday due to speculative rearrangements of portfolios with a market that fluctuates in anticipation of the uncertain presidential election that will be held on Sunday and due to the first readings left by the debate between the candidates.
The S&P Merval stock index lost 3.5%, to 636,964.26 units, after a bullish opening and accumulating a 3.6% gain last week amid strong daily fluctuations.
YPF shares led the declines, with a decline of 5%. The roles of Ternium (4.8%) and Telecom (4.5%) were added to the podium.
The papers of Argentine companies listed on the New York Stock Exchange suffered a majority of losses this Monday, with falls of up to 3.1%.
In this way, the ADRs that fell the most were those of Loma Negra (3.1%), Telecom (2.4%) and Vista (2%). Meanwhile, those that rose the most were those of Supervielle (2.1%), Bioceres (1.6%) and IRSA (1.4%).
In parallel, dollar bonds fell yesterday for the third consecutive day on Wall Street.
In the local market, sovereign securities operated with drops of up to 8.5%, led by Global 2029, followed by Global 2041 (3.6%), Global 2046 (3.5%) and Bonar 2038 ( 2.6%).
In this framework, the country risk, measured by the JP bank. Morgan rose 0.81% to 2,496 basis points.
“The uncertainty that is generated prior to an election is natural (in Argentina), with refuge in the dollar as prevention,” considered economic analyst Leandro Marcarías about the movements.
“With five wheels to go until the election that will define who will be the president, we believe that volatility in the fixed income market, and even in financial exchange rates, will grow due to the great electoral uncertainty,” they said from the Research for Traders firm.