For its part, the S&P Merval of Argentine Stock Exchanges and Markets (BYMA) it gained a slight 0.1% and closed at 88,060.61 points, against a decline of 3.9% accumulated between Friday and Monday.
In the leading panel, BBVA (+5.8%), Banco Macro (+4.5%), and YPF (+4.1%) led the increases. For its part, the greatest decreases corresponded to Cresud (-5.7%), BYMA (-3.9%), and Pampa Energía (-3.9%).
On this day, Congress debated in committee the agreement reached last week between the International Monetary Fund and the administration of President Alberto Fernández. The ruling party wants it to be approved quickly to avoid falling into a default on the US$45,000 million in dispute.
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 multilateral credit organization.
In the international context, Wall Street finally closed lower while Crude remained near highs as the US ban on Russian oil imports increased volatility and fears of stagflation.
“Wall Street threatened to insert a respite after the weakness that has been accumulating recently, fueled by geopolitical tensions,” said economist Gustavo Ber and expanded: “ADRs sought to take advantage of this external window, contrary to dollar bonds, which continue to be heavy.”
Bonds and country risk
In fixed income, dollar-denominated bonds closed mixed. In this framework of uncertaintythe debt in local dollars yielded up to 3.5% on the part of the Bonar 2041. The largest decreases were also led by Global 2029 (-3%), and Global 2041 (-2.9%).
For their part, they led the rises, among the bonds that stopped the downward streak, the Global 2035 (+0.9%) and the Global 2030 (+0.5%).
Thus, the Argentine country risk of the JP. Morgan bank rose 0.1% to 1,976 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.
“All parties involved in providing an endorsement of what was agreed with the IMF must take into account that, without a refinancing of the debt with this organization, we are going to default and from there, to a deepening of the crisis that will raise poverty levels alarmingly,” estimated the Fundación Libertad y Progreso.
And he added: “It is an inconsistency to ask the opposition to endorse the agreement of a government that is not its own, while those who are in the official alliance do not support what their own management negotiated.”
For his part, Roberto Drimer, from the consulting firm VatNet Research, said: “Both parties (officialism and position) are very interested in avoiding a traumatic default and would go ahead.”
Source: Ambito
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