BYMA’s S&P Merval stock index fell 0.7% to 90,298 points, after improving 0.65% on Tuesday and losing 1.55% at the start of the week. The main falls are recorded by the shares of Cresud (3.4%), Transener (2.3%) and Macro (2%). Meanwhile, the most important increases are recorded by Loma Negra (0.9%) and Valores (0.5%)
“The beginning of the week was not the desired one for the majority of Argentine equity holders,” said Portfolio Personal Inversiones.
“Global stocks fall… as a surprise 50 basis point hike in Australian rates sparked concerns about monetary policy tightening ahead of Thursday’s ECB (European Central Bank) meeting and the US inflation data out on Friday,” he added.
Sovereign bonds in the over-the-counter market lost an average of 0.2%, in a reduced operation and offer of business, while the Argentine country risk of the bank JP.Morgan rose 1.1%, to 1,952 points, maximum in three months (considering that on March 8 it closed at 1979).
“We know that short-term uncertainty can lead to an increase in exposure to dollarized instruments, even more so if we take into account the tightening of the stocks in some items, which increases the demand for financial dollars,” said the settlement and clearing agent Cohen.
He added that “however, with inflation that is far from being controlled, we consider the exposure to bonds and letters that can cover us from it to be prudent.”
Source: Ambito
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