The ADRs plummet to 6.2% thanks to Globant papers. YPF (-3.9%) and Loma Negra (-3.1%) also fell sharply. As for the increases, Tenaris (+1.6%) Cresud (+1.4%) and Irsa (+0.4%) stand out.
Argentine stocks listed in New York trade in tune with the decline of their main indices. The Dow Jones was down 1.8%, the Nasdaq, heavily influenced by tech stocks, was down 3.2%, and the expanded S&P 500 index was down 2.2%.
For his part, the Leading index S&P Merval of Argentine Stock Exchanges and Markets (BYMA) fell 1.1%, to 90,161.15 pointsagainst a drop of 0.6% the day before.
The biggest drops are Loma Negra (-2.8%), YPF (-2.7%), and Mirgor (-2.4%). For their part, the increases are led by Transportadora Gas del Sur (+1.9%), Ternium (+0.6%), and Sociedad Comercial del Plata (+0.3%).
“At current interest rate levels, we expect the rotation from stocks to bonds to continue, which is likely to continue to bring volatility and uncertainty to the stock market,” consultancy Delphos Investment said.
The International Monetary Fund’s (IMF) assumptions about Argentina’s economy are subject to change, but the objectives of the current program between the IMF and the country remain the same, an IMF official said on Tuesday.
The IMF board approved a new $44 billion program with Argentina in March, which it acknowledged carries “exceptionally high risks” due in part to spillover effects from Russia’s invasion of Ukraine.
Bonds and country risk
The Argentine country risk that the JP.Morgan bank prepares daily improves 1.1% units to 1,760 basic points.
As for bonds in dollars, the one that fell the most was the Global 2046 to 6.4%. The Bonar 2046 (-1.2%), and the Global 2035 (-1%) also fell.
Source: Ambito
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