Argentine assets maintain their upward trend in the last month of the year, although profit-taking is not ruled out due to the good results in November.
The Argentine assets maintain their upward path this Monday, December 2, encouraged by positive signs about the local macroeconomy. However, rearrangements of positions due to profit taking are not ruled out. The slowing inflation, A positive result in the public accounts and signs of a recovery of the economy are the bases of the recent investor optimism.
“The market has shown greater selectivity and astuteness when buying shares, while short-term bonds pale in comparison to the better expectations of long-term bonds,” said analyst Salvador Di Stéfano. “The markets are experiencing a slowdown, with slight profit taking in bonds and heaviness in stocks. The futures and options market expires on the third Friday of December, this implies that on December 20 there will be a large transfer of stocks in the market “, he estimated.
In this context, Argentine ADRs rise up to 8.8% led by Cresud, followed by IRSA (5.5%), Banco Supervielle (4.7%) and Edenor (4.4%). Meanwhile, the S&P Merval in pesos advances 0.6% to 2,271,695.85 points and in dollars, 1.5% to 2,064.82 points. In November, the Merval in pesos rose 22.15%.
The shares of the leading panel operate with an upward trend with increases of up to 3% in Loma Negra, Edenor (2.3%), Banco Macro (1.2%) and Pampa Energía (1.2%).
Bonds and country risk
The dollar bonds, for their part, climb up to 0.9% led by Global 2038, followed by Bonar 2029 (0.5%). Thus, the country risk measured by JPMorgan fell five units, to 749 basis points, maintaining minimum levels since April 2019.
“Since October, net purchases (from the BCRA) were for more than 3,000 million dollars. However, net reserves barely increased in that period, because a similar amount went to pay interest from bondholders and the IMF. The tie It is not bad given that seasonally there are usually months of sales for the BCRA, but to accumulate reserves a little more is needed,” said economist Roberto Geretto, PM of Adcap Grupo Financiero.
Source: Ambito
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