The rises were led by Central Puerto (+4.8%); Pampa Energy (+4%); and Tenaris (+2.5%).
In the local stock market the leading index S&P Merval of Argentine Stock Exchanges and Markets (BYMA) gained 1.74%, to a provisional closing of 83,676.75 points, against a collapse of 4.93% on Monday to the beat of the local ‘Adrs’ listed in New York.
“Wall Street continues to go through a period of marked caution and selectivity as concerns about the dynamics of inflation and the economy continue, which is activating risk aversion strategies”, said an economist.
He added that at the local level “political tensions and economic uncertainty do not help to sustainably awaken investors’ appetite, especially in view of the fact that the road to the next elections is long, beyond the fact that the jerks by the candidacies in the main forces would be anticipating”.
Amid clashes in the government coalition, President Alberto Fernández is on an official tour of Europe, while Economy Minister Martín Guzmán told US businessmen that Argentina grew in the first quarter, without giving details.
“It is important that the growth that we experience occurs with the accumulation of reserves and that we find ourselves in 2023 with an economy with conditions on the external front in order to continue sustaining growth,” said Guzmán.
The International Monetary Fund (IMF) will carry out this month the first revision of the recent agreement reached with the country for some 44,000 million dollars by which the Government promised to increase the reserves of the BCRA, reduce inflation, reduce the fiscal deficit, increase interest rates and cut energy subsidies.
In fixed income, the main bonds denominated in dollars closed unevenly, with rises of up to 1.1% among the Bonares, and mixed prices among the Globals.
Thus, the Argentine country risk prepared by the JP Morgan bank rose six units, to 1,854 basic points, a new maximum in two months.
“Uncertainty persists among investors due to the fear that the path of ‘hawkish’ policies of the Fed (Federal Reserve) could lead to a recession in the United States, added to a military conflict between Russia and Ukraine on which there seems to be no a solution at the door and the sanitary measures in China that could have an impact on global trade”they said from the SBS Group.
Source: Ambito
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