After days of strong losses due to the alleged coimas scandal, local assets expand their losses.
He S&P Merval It falls and heads to end the month with a 15% collapse in the middle of a climate crossed by the political tensions towards the mid -term elections in the province of Buenos Aires (September 7) and the national elections of October, after the impact of the alleged coimas on the National Directorate of Disability (Andis).
The local index drops 1.4% this Friday and accumulates a 15.1% setback at a monthly level, while its counterpart in dollars does 2.2% in the day and loses 13.5% so far in August. Among the main actions that fall include: Commercial Company of the Plata (-3%); Galicia Financial Group (2.4%); and Supervielle Group (2.1%).
In Wall Streetthe ADRS They fall to 1.5%of Cresud’s hand, followed by IRSA (1.2%) and Edenor (1.1%). For their part, actions such as bioceres lose up to 3.6%.
Banks’ papers maintain a lazy performance while in the market think about the dynamics of their business in the short term, according to the economist Gustavo Ber.
MERVAL BAG PORTEÑA 1500.JPG
Bonds in dollars and country risk
On the other hand, the dollar bonds record most of the increases with the Global 2029 winning 1.2%, the Global 2041 moving 0.5%and the 2030 bonar 0.3%. As it counter, Bonar 2038 falls 0.1%.
The last country risk data (EMBI, prepared by JP Morgan) of August 28 showed a value of 837 basic points and showed a 1.9% drop with respect to the previous record.
“The CER bonds came to offer absurd yields. To that it is added that today they provide greater coverage than a fixed rate, which explains the rotation of the market towards this segment. The TX26, for example, came to give closed +32, a nonsense for a title of these characteristics”he said Dante Ruggieripartner of AT Investments. “That is why they have been climbing on the last wheels: they had been very cheap and now offer protection that the LECAP does not have,” he finished.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
