“It seems like a good opportunity to take a position in Globals, but several dollars higher in their prices there was also the same feeling and this generates skepticism among investors,” he said. Argentine bonds accumulated an average fall of 3% last week and operate at default values.
“Sovereign bonds in foreign currency do not make a floor and in the last week they fell another 4.5%, accumulating a fall of 44% so far this year, which leaves the parities of some of them below 20%,” he said. clearing and settlement agent Cohen.
In an attempt to curb the bad mood, Batakis recently announced new economic measures, ordered a brake on the incorporation of public employees and ratified the agreement reached with the International Monetary Fund (IMF), while the central bank (BCRA) limited the holding of CEDEAR (foreign papers quoted domestically) to companies that access the foreign exchange market.
“With little time to make substantive corrections that yield positive results, but with plenty of time left to repress costs, the current financial crisis is forcing the Government to stop prioritizing the maximization of benefits to focus on minimizing costs,” he estimated. the Ecolatina consultancy. “Avoiding a devaluation of the official dollar will appear at the top of the list of priorities in the coming days,” she estimated.
The Buenos Aires stock market maintains this Monday an upward path of prices due to hedging in a context of high inflation and tensions in the government coalition.
The S&P Merval stock index rose 3% to 117,291.25 points, after accumulating an improvement of 9.24% last week.
“The shares of the leading panel developed increases, largely influenced by the high rise in the CCL exchange rate (counted with settlement) throughout the days. Also, boosted by expectations of devaluation“said Gissela Avenia of Rava Bursátil.
In the external scenario, investors await the monetary policy decision that the US Federal Reserve (FED) will take this week. The Fed wraps up its two-day meeting on Wednesday and markets expect a rate hike. In this context, the Argentine papers listed on Wall Street operate with the majority of increases, highlighting the rise of Edenor up to 10%, followed by Cresud up to 7% and Banco Francés with 6%. The only two losses correspond to Globant SA (-4%) and Corporación América (-0.6%).
Source: Ambito
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