The S&P Merval stock index of Argentine Stock Exchanges and Markets (BYMA) gained 1.82%, to 90,680.89 points, after accumulating a drop of 0.6% last week. On Wall Street, Transportadora de Gas del Sur and Tenaris lead the increases, with rises close to 5%.
“There are good prospects for the energy sector and also for the financial sector, although with some caution, due to the issue we mentioned before, of the future of the debt in pesos that, at some point, will have to be resolved and we will have to be on a lead foot. “said Portfolio Personal Investments.
Heightened global tensions after Ukraine defied a Russian demand that its forces lay down their arms before dawn Monday in Mariupol hit world markets.
The Russian invasion of Ukraine sent international oil prices skyrocketing, fueling fears of higher inflation and slower global economic growth.
On Friday, the new credit with the IMF was approved in the Senate with 56 positive votes, 13 negative and three abstentions, for which it became a Law since it had the approval of the lower house. Now, the endorsement of the board of directors of the credit organization is missing, which is expected to be next Monday.
The understanding establishes a grace period of four and a half years, and extends disbursement payments to 10 years, so that the country will begin to pay off the debt in 2026 and end in 2034, in addition to establishing growth goals, low inflation, strengthening of the reserves of the Central Bank (BCRA) and quarterly revisions of the accounts.
Argentina must pay the IMF between Monday and Tuesday some 2,000 million Special Drawing Rights (SDRs) -equivalent to some 2,800 million dollars-.
Bonds and country risk
On Friday, dollar sovereign bonds closed down as much as 1.9%, led by the Bonar 2030.
“The titles had already been incorporating a ‘no break’ scenario with the IMF in their prices in the last rounds,” they said from Portfolio Personal Inversiones (PPI).
Thus, the Argentine country risk, prepared by the JP. Morgan bank, rose 13 basis points to 1,782 units, compared to a record high of 1,991 units last week.
In the peso segment, CER-adjusted bonds gained up to 2.2%, driven by the inflationary scenario.
Source: Ambito
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