“The illusions about a better end of the year are growing, with the signing of an agreement with the IMF, for example. Local assets rebounded strongly not only because of this, but also because abroad they are beginning to analyze that the new omicron strain does not seem to be so lethal “, synthesized a financial agent of the foreign bank.
The Government also confirmed that Argentina will make the payment of some US $ 1,880 million to the Fund on the 22nd.
Reaction
Ayelén Romero, account executive at Rava, said that when determining the factors that drove local markets “it is difficult to choose a single protagonist” although she stressed that “we could consider today’s wheel as the beginning of the reaction after the Guzmán’s official announcement on the payment to the IMF ”.
In this context, the BYMA S&P Merval index rebounded 7.5% to 85,242 points, after losing more than 5% in November. It was his biggest daily rise in pesos in almost 17 months. The biggest increases were enjoyed by companies in the energy sector, such as Central Puerto (+ 14.2%) and Pampa Energía (+ 11.8%), and in the financial sector, such as Grupo Financiero Galicia (+ 10.9%) and Banco Macro (+ 10.2%).
Meanwhile, among the shares of local firms listed on Wall Street, the improvements in the papers of Irsa (+ 13.4%), Irsa Propiedades Comerciales (+ 8.6%) and Grupo Financiero Galicia (+8.6) stood out. %).
Recovery
In the fixed income segment, sovereign bonds in dollars posted strong recoveries. Particularly noteworthy were the improvements in the prices of the AL30 (+ 7.4%), AL38 (+ 6%) and AL41 (+ 5.6%) bonds.
These important increases are reflected in the country risk, measured by the JP Morgan bank, which fell 4.5% to 1,827 basis points.
It should be remembered that securities in hard currency came from registering drops of up to 17.8% last month, with prices considered at default levels.
Source From: Ambito
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