The rises in New York were led by Mercado Libre papers (+6%); Telecoms (+4.6%); and Supervielle Group (+3.9%).
In the stock market, the S&P Merval stock index improved 0.9% to 90,803.43 points, accumulating an improvement of 6.2% in the last three business sessions.
“Operators continue to manage their ‘trading’ bets through those vehicles that exhibit greater liquidity for portfolio rebalancing”said an economist.
The doubts about the future of the Argentine economy, despite a recent agreement with the International Monetary Fund (IMF), and the fights within the government of the Peronist Alberto Fernández, maintain a mantle of caution among investors.
“We do not see any catalyst on the horizon that marks an uptrend for the short term,” said Santiago Abdala of Portfolio Personal Investments. “There are many pending issues: we have to see the review of the agreement with the IMF, the goals that seem to be difficult to achieve and other elements of the agreement that are hardly good news for the market”, he added.
Wall Street’s main indices advanced on strong US retail sales data and some optimism that COVID-19 cases in China would decline, although caution remained over Federal Reserve rate policy and the war in Ukraine.
“Liquidity risks (for non-financial and infrastructure companies) are moderate to high in Argentina, where macroeconomic stress makes the scenario difficult,” Moody’s Investors Service said.
He added that “in Argentina, companies face greater refinancing risks than their regional peers due to rapidly deteriorating business conditions, restricted access to international capital markets and stricter capital controls, all of which have made it difficult to debt refinancing in foreign currency.
Argentine markets will remain closed this Wednesday due to the national population census.
Bonds and country risk
In fixed income, Argentine bonds in dollars ended unevenly, after several days with widespread declines, for which the country risk fell slightly to 1,924 points.
Source: Ambito
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