On the one hand, The Argentine country risk, which had started the wheel down, turned around midway through the day, and advanced 0.5% to 2,767 points, after reaching an intraday maximum of 2,810 units. 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 2.3% (GD35D and GD38D), while the bonares fell to 1.1% (AL41D).
On the contrary, Argentine shares listed on Wall Street ended with the majority of increases, led by Globant, 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).
On the other hand, bonds in pesos showed greater firmness. With good volume, dollar-linked sovereign securities were borrowers along the curve, especially longer maturities, which rose 1.4%.
Finally, although buy orders were seen for the shorter maturities, CER-adjusted debt traded mixed, with declines of up to 1.2%, and increases of up to 3.8%.
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.
In the Buenos Aires square, most of the papers of the leading companies registered gains, with the exception of BYMA (-1.7%) and Ternium (-1.7%). The rises were led by Edenor (5%) and Sociedad Comercial del Plata (4.7%).
On Wall Street, Argentine papers closed with the majority of increases, led by Globant (+7.7%); Edenor (+5.2%); Tenaris (+4.2%); IRSA (+3.7%), Banco BBVA (+3.6%) and Cresud (+3.2%).
Source: Ambito
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