“It will be key what Sergio Massa and the team start broadcasting from today”, said Santiago Abdala of Portfolio Personal Investments. “If we see measures that facilitate the growth of business in Argentina or a more favorable climate for companies, local assets would have a long way to go, because they are severely hit,” he added.
In the marginal segment of the dollar, the blue climbed $7 to $298 for saleso that the gap in front of the wholesale market stood at 124.3%, after marking a maximum level of $350 two weeks ago.
Nevertheless, the dollar “counted with liquidation” (CCL) fell $3 to $282.
In the stock market, the referential S&P Merval stock index BYMA improved a limited 0.3% to 118,999.74 points, after accumulating a drop of 7.7% in the previous two sessions and improving 7.6% during the past week. The leading panel closed July with a rise of 38.5%.
“It seems that the market will remain cautious until Massa announces the economic measures this Wednesday. Meanwhile, the saying that says “buy on the rumor and sell on the news” worked perfectly”said brokerage StoneX.
For their part, the Argentine papers listed on Wall Street operate with a majority of raises, which reach up to 6.3%, led by Free market in the prelude to the presentation of its balance sheet for the second quarter.
Other notable advances of the day are recorded by Edenor (+5.2%); take off (+5.1%); Globant (+4.5%); and Pampa Energia (+4.2%).
In negative territory, the assets of View (-1.5%); and Ternium (-1.3%), after projecting that its revenues will decrease in the third quarter of 2022, due to lower steel prices in the international market.
In his quarterly report, Ternium It said it expected production costs per tonne to rise, which would likely lead to lower adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) in the third quarter compared to the second quarter.
Source: Ambito
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