In this global context, ADRs plummeted to 7.4% thanks to YPF. The shares of Globant (-6.9%) and Banco Macro (-6.1%) also fell sharply.
Argentine stocks listed in New York closed in tune with the collapse of their main indices. The Dow Jones Industrial Average fell 2.4%, the Nasdaq, heavily influenced by tech stocks, lost 3.9%, and the expanded S&P 500 Index lost 2.8%.
The New York Stock Exchange was pressured by some disappointing business forecasts, against the background of the Covid-19 lockdowns in China, which could threaten global growth. This session also presented the quarterly balance sheets of Microsoft, which met market expectations, and of Alphabet, which had lower sales than expected.
For his part, the Leading index S&P Merval of Argentine Stock Exchanges and Markets (BYMA) fell 1.7% to 89,574.68 points, which adds to the fall of 0.6% the day before. Losses were moderate. due to the rise of the dollar “counted with liquid” (CCL) that closed this Tuesday above $214, for which it accumulated a rebound of almost $25 (more than 13%) in the last six rounds.
The biggest decreases were recorded by YPF (-3.6%), Banco Macro (-3.4%), and Banco BBVA (-2.7%). For their part, the increases were led by Sociedad Comercial del Plata (+3.7%), and Transportadora Gas del Sur (+1.6%).
“The stock indices in Latin America are infected with pessimism due to the fall in shares in Europe and the United States. Equity markets have turned lower after fears of a global recession have increased due to monetary policy tightening being implemented by the Fed, the Bank of England and possibly the European Central Bank.“, said Alexander Londoño of ActivTrades.
For his part, Gustavo Ber from Estudio Ber pointed out: “External weakness continues to condition the performance of domestic assets, even when investors seek to focus on post-2023, and in this sense, speculations about multiple political scenarios are gaining increasing relevance.”
“Increased risk aversion took hold in world markets with 10-year rate retreating and dollar strengthening. Yield on 10Y Treasuries cut another -7bps to 2.75%. Currency strengthens and gains momentum with the DXY index marking 102.3 points (its highest value since the end of 2016),” he said in a PPI report.
In the local economy, an official from the International Monetary Fund (IMF) said that the objectives of the current program between the agency and the country are maintained. 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.
This day, the total volume in equities was $3,940 million, of which 73% corresponded to Cedears for $2,892 million, and 26% to shares of Argentine companies for $1,047 million.
Bonds and country risk
The Argentine country risk that the JP.Morgan bank prepares daily It rose three units to 1,756 basis points.
Regarding bonds in dollars, the one that fell the most was the Global 2046 with 6.4%. The losses were also led by Global 2035 (-1.8%), and Global 2038 (-1.4%).
On the other hand, bonds in pesos updated by CER closed mixed. The one that rose the most was TX23 (+1.5%), and the one that fell the most was PAP0 (-1.9%).
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
