The steepest declines of the day were recorded by the shares of Cresud (-2.9%); BYMA (-1.5%); and the Supervielle Group (-1.4%). On the contrary, the main advances were registered by the assets of Silver Commercial (+1.7%); Black Hill (+1.3%); and Grupo Valores (+0.7%).
The inflationary escalation that is hitting the economy, political tensions that overshadow the future of the government coalition and doubts about the fulfillment of the goals recently agreed with the International Monetary Fund for a debt of 44,000 million dollars, create an adverse climate for investors .
“The macroeconomic variables worry investors. The expansionary dynamics of public spending puts pressure on fiscal goals while inflation expectations do not give up,” said analysts at Portfolio Personal Investments (PPI).
The Government promised the IMF to increase the reserves of the Central Bank (BCRA), reduce inflation, lower the fiscal deficit and reduce subsidies, among other points. The agency carried out this month the first review of the quarterly goals whose completion has not yet been announced.
“The risk is to go to a ‘triple crown’ of breaches in the agreement (fiscal, monetary and reserve goals), where it will be necessary to see how much tolerance the IMF has and justifications are found to grant waivers (forgiveness)”commented Roberto Geretto, an economist at Funcorp.
In fixed income, The sovereign bonds in dollars closed with the majority of increases, among which a striking jump of 7.6% of the Global 2038 stood out, within the framework of a reduced and selective operation. Other important advances were recorded by Global 2041 (+2.7%); and Global 2030 (+2.3%). Among the bonares, 2035 (+1.9%) and 2041 (+1.8%) stood out. Sovereign titles came from rising an average 2% last week.
Without operations in the US for the holiday, the country risk measured by the JP.Morgan is located at 1,916 basis points, after posting its first weekly drop in a month and a half (-1.8%).
“The country risk accumulates nine consecutive days above 1,900 points, and the breach of the agreement with the IMF seems imminent in the face of an accumulation of reserves that advances at an insufficient rate”, bounded from PPI.
“We also believe that it will be essential to closely monitor the international scenario and the impact it may have on the local market. Both the Russian-Ukrainian conflict and the evolution of the US economy will be key factors that will determine the path to follow in the local market”, they added.
For their part, titles in pesos with CER adjustment closed mixed. The most outstanding rises were marked by the Bonder 2023 (+1.2%); and the Quasipar (+0.6%). Among the casualties, meanwhile, appeared the Boncer 2024 (-0.2%); and the Discount (-0.2%).
The Ministry of Economy announced this Monday that during the second round of the ‘Market Makers Program’, The Treasury received an additional 19,658 million pesos over the 156,740 million pesos that it took in Friday’s tender.
Source: Ambito
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