The new Minister of Economy, Silvina Batakis, it fails to reassure the market despite the announcement of new economic measures amid political tensions in the government coalition. An increase in taxes on purchases made in foreign currency abroad with credit and debit cards, the modification in the fixing of interest rates by the central bank (BCRA) and the ratification of the agreement with the International Monetary Fund (IMF). ) were recently announced.
“What needs to be implemented requires trust, which is what this government doesn’t have,” said Mariano Sardáns, director of wealth manager FDI.
In this context, the country risk prepared by the bank J.P. Morgan rose four basis points to 2,770 units, compared to a record high level of 2,824 basis points noted the day before. Therefore, dollar sovereign bonds fell to 1.9%, led by the LA35 and LA30.
“Sovereigns remain at minimum values since they were listed on the markets (…), and show average parities of 20.46 dollars per 100 nominal for bonds under foreign law, and an average of 20.07 dollars for titles under Argentine law,” they added.
“Consequently, returns are 33% (average) for bonds under international law and 34.5% (average) for securities under local law.”
In addition, on the day the inflation-adjusted bonds (CER) present a mixed scenario. Among the increases stood out, the PR13, with a rise of 1.3%. On the other hand, the most pronounced falls are recorded by TX26 (-2.6%) and DCP (-2%).
S&P Merval and ADRs
The S&P Merval stock index fell 0.2% to 106,949 pointsafter accumulating an improvement of 6.63% in the previous three trading sessions.
The main declines were recorded by the shares of Transportadora de Gas del Sur y Central Puerto (4.1%) and Banco Macro (4%); while the most important raises were scored by Transener (5.6%), Aluar (4.4%) and Comercial del Plata (4.1%).
In New York, meanwhile, the papers of Argentine companies ended the session with most results in red.
The most important losses were scored by South Gas Carrier (-6.4%); Galicia Financial Group (-5.4%) and Banco Macro (-5.3%). And five papers ended with rises, among which the rise of 7.6% of Mercado Libre.
Source: Ambito
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