Argentine papers fall on Wall Street this Wednesday and extend their weekly losses. Meanwhile, Global bonds operate mixed after the strong fall of the last wheel, reflected in a country risk that advanced at 898 points, its highest level in almost 5 months.
The ADRS that present totality, with Supervielle Group (–4.3%), leading the losses, followed by IRSA (-3.2%) and Telecom Argentina (-3.1%).
In the local square, the S&P Merval goes back 1.7% at 1,928,971.91 points, while Its counterpart in dollars loses 1.9%. From Personal investments portfolio (PPI) they stated that “Merval comes from an August to forget and faces a week where volatility is the great protagonistwith the PBA elections more and closer. “
Among the main actions with losses in the wheel stand out: Aluar (-4.5%); South gas transporter (-4.1%); Metrogas (-3.6%); Supervielle Group (-3.5%); Telecom Argentina (-3%).
In turn, Delphos Investment He affirmed that It is not the foundations that explain the magnitude of pessimism in valuations, but the electoral risksince “if the market put only the foundations in price, sector heterogeneity would be reflected more clearly.” Instead, the Merval moves as a block where “Flow Foundation”.
“In this context, Momentum’s disparity in the foundations guides our preference for companies linked to Vaca Muerta, uses such as diversification and bankseven when short -term challenges remain relevant, “adds the investment company.
In the final stretch towards Sunday’s elections, Operators privilege a more defensive posture waiting for a clearer panorama that allows to focus on macro foundationsaccording to market sources.
The chief economist of the SBS group, Juan Manuel Francohe pointed out that “the post -election code will happen why it happens with the current monetary squeeze and how it disarms”, since the interpretation of the market on the result “may be or a wind in favor or against for that necessary disarmament” of real rates “very harmful to economic activity in case of lasting much longer.”
Bonds and Risk Country
For its part, dollars in dollars operate mixed and with increases of up to 2.6% and falls of up to 1.9%as is the case of Global 2046 and the Global 2029respectively.
From Capital Guardian They said to Scope That today is a mixed day for the sovereign bond curve, with falls in the short titles and rises in the lengths. In that line, they indicated that “we continue in the same stage of high volatility pre -elections”, so “it is very important to analyze our portfolios and think about the investment horizon that we raise at the beginning, avoiding short -term noise.”
The last data of country risk (EMBI, prepared by JP Morgan) of September 2 showed a value of 898 basic points and threw a jump of 8.3% with respect to the previous registration.
In this context, the City puts the eye on the ability to pay the Sovereign debtwhich collapsed to almost 3% in the last wheel, and activated the country’s risk rise to its highest level from April 10.
In PPI they stressed that despite “the strong bleeding on Tuesday”, Today the global operated with “a more positive tone”. However, they stressed that “We will have to see if this rebound manages to sustain and recover part of the lost terrainor if, on the contrary, the bearish trend that marked the beginning of September is imposed again. “
In your last market comment, Aurum values He stated that “These movements would be motivated both by political uncertaintyas to the weaknesses seen in recent times in terms of rates and in the exchange level. “
Possible investment scenarios in a context of pre -election uncertainty
The financial advisor of Gold Coconuts, Damián Palaishighlighted a Scope that, in this context of pre -election uncertainty, The most conservative profiles could “sleep quiet” dollarizing and going to a common investment fund (FCI) or a negotiable obligation (ON) of AAA companies in the short term.
On the other hand, those who dare to take more risks can invest in the electoral trace. “This means investing in Argentine assets hoping that, through a positive result for the market in the elections, Argentine assets rise,” he said, referring to assets that come “very beaten” in the market, such as those of the banking sector.
As for moderate profiles, the specialist slides the possibility of combining the previous positions, but also of “Get out of local risk and migrate to the US”because indices such as S&P 500 They operate today near historical maximums. “The most moderate profile can make the decision to take risk with the variable income,” he said.
Source: Ambito
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