The S&P Merval in dollars does not find a floor: it suffered its fifth consecutive weekly fall

The S&P Merval in dollars scored its fifth consecutive weekly, by registering a 3.2% drop between Monday and Friday, After the MSCI decided to keep Argentina in the “Standalone” category.

The local stock market did not escape international dynamics, starting Monday with a 4.8% drop in dollars and a slow recovery that positioned its weekly variation in -3%, They pointed from IEB Group.

This Friday, The leading Byma panel rose a slight 0.1% in pesos to 2,041,077.80 points, while measured in dollars fell 0.2% to 1,696 points. In this way, So far in June the local stock market accumulates a decrease of 10.3% in dollars, the second most important monthly decline in the Milei era.

“In a context of a certain pessimism in local investors and real rates in very high pesos (which affect the financing of companies and make more attractive other financial assets) the S&P merval anxiously awaits the result of the October elections; in which in a certain way the economic course is reflected,” They commented from IEB Group.

Juan Manuel Francochief economist SBS grouphe said: “The week is closed and the eye of the market perched on The dynamics of the dollar and interest rates.

The expert also stressed that The current account data to the first quarter show pressure by way of both the real appreciation of the weight and the economic rebound of the second 2024 semester and the first quarter of this year. “While we are far from accumulated deficit levels in 4 quarters that point to a crisis, as happened there in 2018, it will be a topic to follow closely, especially considering the level of the real exchange rate and the completion of the thick harvest,” he explained.

In Wall Street, meanwhile, the actions of Argentine companies closed with disparity. The papers that scored the biggest increases were those of Edenor (+3%), Telecom (+1.8%) And Tenaris (+1.2%). Instead, the main setbacks were noted by bioceres assets (-5.3%); Energy view (-1.5%); and Supervielle (-0.8%).

The extension of the reduced aliquot of 9.5% for wheat and barley until March 31, 2026 represents a direct advantage for companies with significant exposure to these grains, such as agro and cresud mills, operators point out.

“In January, when a similar cut was implemented, these companies experienced relevant rises: agricultural mill came to 9.8% and Cresud reached profits of up to 11% in a day. This reflects a remarkable improvement in the operating margins of the agric positive but limited impact “, Pablo Lazzati, CEO of Insider Finance commented. The majority of the agro -export sector – approximately 90% – continues to face high retentions, which limits the scope of the stock market impulse, he said.

Bonds and Risk Country

The dollar bonds showed little intra-day volatility and closed with marginal increases, accumulating In the week average increases of 2.8%. The country risk closed on Thursday at 685 points, according to the latest data available.

Besides, The Bopreals were practically unchanged today and scored in the week average increases of 0.6%.

The Cer segment, meanwhile, It was requested and rose 0.25% throughout the curve, but in the week the balance is negative, falling 0.5% average.

Going to the fixed rate segment, demand was seen along the entire curve that bounced 0.6%. In the week the short section rose 0.5% but the long section yielded 1%.

Finally, the floaters won 0.5% average, but also accumulated in the week 2% (except the M31L5 that rises 0.3% WTD), SBS reported.