For its part, the S&P Merval of Argentine Stock Exchanges and Markets (BYMA) gained 1.3%, to 89,147.65, against a drop of 3.9% between Friday and Monday, driven by financial and energy papers.
YPF (+5.7%), Transportadora Gas del Sur (+5.1%), and BBVA (+4.1%) headed the leading panel. For its part, the greatest setbacks corresponded to Pampa Energía (-2.4%), Mirgor (-1.3%) and Cresud (-0.7%).
Congress was debating in committee the agreement reached last week with the IMF and that the administration of President Alberto Fernández wants it to be approved quickly to avoid falling into a default on an amount of around US$45,000 million.
The mandatary it needs the support of opposition legislators, but also to convince the ruling bloc, where many deputies expressed their disagreement with the program agreed with the IMF.
In the international context, Wall Street recovered while Crude remained near highs as the US ban on Russian oil imports increased volatility and fears of stagflation.
Bonds and country risk
In fixed income, dollar-denominated bonds fell again. In this framework of uncertaintythe debt in local dollars yielded up to 6.5% (Bonar 2035 and Bonar 2041), Bonar 2038 also fell sharply (-6.4%).
Thus, the Argentine country risk of the JP. Morgan bank fell 0.7% to 1,989 points. This reference indicator had a start in the area of 1,083 points with its restructuring in September 2020, with the closing of another millionaire swap of sovereign debt held by private creditors for some US$110,000 million.
“The Government of Argentina reached a new agreement with the IMF which, assuming it is approved by Congress, will lead to a gradual shift towards more market-friendly policies“, the consulting firm Capital Economics said in a report.
“However, many of the economic assumptions underpinning the deal seem overly optimistic and mutually incompatible. This reinforces our long-standing view that, even with the Fund on board, Argentina faces another debt crisis in the coming years“, he added.
Source: Ambito
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