The dollar bonds listed on Wall Street are trading lower this year Tuesday, September 3as a result of a reshuffling of portfolios in the face of several days of growth. Meanwhile, ADRs are rising on the New York Stock Exchange and shares are falling on the local market.
After a day without activity on the New York Stock Exchange due to the celebration of Labor Day, which made Monday a quiet day in the Argentine market as well and in which bonds rose sharply, this Tuesday, a generalized fall in these assets is observed, which fall to 2.5%.
The one that loses the most is the AL46 bond, followed by the Global 2035 and 2038, which both lose 2.5%. Thus, the country risk measured by JPMorgan rose 2.79% to 1,473 basis points, its first rise in eight days.
“Bonds are starting off down, which is to be expected after several days of increases. Especially yesterday, which was a holiday abroad and here they rose excessively,” he explained. Leo Svirsky, Market Analyst in dialogue with Scope.
S&P Merval
At the local level, the S&P Merval falls 0.10%. Shares are mostly down on the leading panel, with losses of up to 2.9%. The one that falls the most is YPF, followed by Central Puerto (-2.49%) and Aluar (-2.08%). Meanwhile, the biggest gainers are those in the banking sector, with BBVA at the top (+4.94%), followed by Grupo Galicia (+3.5%). Likewise, in the energy sector, Transportadora de Gas del Norte climbed 2.44%.
“The market also expects that there will be an upward push from the money laundering of Argentine stocks and bonds. Analysts expect that around US$20 billion will enter the system by March 31. Finally, on Friday the market is eagerly awaiting the inflation data for August in CABA, as it will provide clues about the national CPI,” Bell Investment explained.
The dynamics of Argentine stocks on Wall Street
Meanwhile, ADRs are the most likely to rise, climbing up to 5.62%, driven mainly by banks. The biggest rise is BBVA, followed by Grupo Supervielle (+4.43%) and Grupo Financiero Galicia (+4.43%). Meanwhile, the biggest falls are seen in Despegar (-3.34%), Mercado Libre (-2.36%) and Transportadora de Gas del Sur (-1.49%).
Source: Ambito
