On the one hand, The Argentine country risk, which had started the wheel down, turned around averaging the day, and advanced 0.4% to 2,764 points, close to the intra-hour historical maximum of 2,772 units registered on Friday (since the debt swap with private companies in 2020). It was from another drop in dollar bonds, which fail to gain a foothold, despite their very high returns (around 45% in hard currency). The global ones lost up to 0.6% in the US, while the Bonares gained up to 0.3%.
For its part, Argentine shares listed on Wall Street ended with the majority of increases, led by Edenor, before an improvement in the emerging markets, before a greater appetite for risk given the drop in the dollar as fears about an aggressive increase in interest rates in the United States diminish.
However, towards the end of the day, Wall Street turned around and closed lower, which moderated the advances of the rest of the markets.
“Batakis’s first measures together with a truce in the ruling party seem to have brought some calm, but in the medium term continuing the same macroeconomic course ceased to be an option to avoid the further deterioration of the economy”, affirmed Roberto Geretto of Fundcorp.
An increase in the tax on purchases made in foreign currency abroad with credit and debit cards and the modification in the setting of interest rates by the Central Bank (BCRA) were recently announced, while the agreement reached was ratified with the International Monetary Fund (IMF).
Operators commented that bonds in pesos showed greater firmness in the face of lukewarm interest on the series that adjust for inflation.
S&P Merval and ADRs
In this context, the Buenos Aires stock market began the week on the rise encouraged by the rise of the CCL dollar, which reached over $305 on the day.
The BYMA S&P Merval Stock Index it improved 1.2% to 105,441.24 units, after falling 1.5% last week.
On Wall Street, Argentine papers closed with the majority of increases, led by Globant (+7.7%); Edenor (+5.2%), IRSA (+3.7%), Banco BBVA (+3.6%) and Cresud (+3.2%).
Source: Ambito
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