The S&P Merval Stock Index it fell -1% to 89,253.11 points, after accumulating a rise of 9% during the week. However, measured in Contado con Liqui (CCL), the drop reaches -10.4%.
In the local market, the shares operate with general declines led by Transportadora de Gas del Norte SA (-4.3%); Edenor SA (-3.8%); Transener (-3.5%) and Cresud (-3.3%). The increases respond to Aluar (+2.2%) and Ternium Argentina (0.4%).
The designation of Batakis “what marks is that effectively the weakness of the president (Alberto Fernández) today is very great, he could not appoint a Minister of Economy more aligned with his position “affirmed María Castiglioni of C&T Economic Advisors.
This Monday “is probably going to be a busy day waiting for definitions, but the truth is that this scenario marks a significant degree of uncertainty,” he added.
Independence Day in the United States generates some relief in the government. According to financial analyst Christian Butler “Today is going to be virtually a holiday and we are going to have the real reaction tomorrow. What is expected beyond anything else, are some definitions from this new minister to know where these 18 months left are going to go, which is the main thing.”
The minister who renegotiated the debt external and spoke of “normalizing” the economy left his post on Saturday after facing criticism from the ruling party itself, specifically from the Kirchner wing of the Front for All. With that behind us, the dollars that come from days of strong exchange rate tension return to operate in a new scenario.
CER Bonds and Securities
In this framework, the bonds in dollars of the debt swap plummeted to -9% and moderated compared to the start of operations when they fell to -11%. The largest losses are led by the Bonar AE38D (-8.9%), followed by the Bonar AL30D (-8.9%), the Bonar AL41D (-8.2%) and the Global GD35D (-8.2%) .
“Although the election of Batakis can be interpreted as an increase in the probability of a change of administration in 2023, we believe that the negative short-term effects will prevail on Argentine bonds,” said Portfolio Personal Inversiones.
For their part, the titles in pesos adjusted by CER they fell to 5.8% led by Discount (DISP), Boncer TX28 at -4.5% and Boncer November 2023 (TX26) at -4%.
Source: Ambito
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