“The local market, throughout the week, did not show shocks or big movements. Rather, it was more cautious, waiting for more measures and higher specifications,” said Priscila Bruno of Rava Bursátil.
Bonds denominated in hard currency operate with the majority of increases after ending stable last week and improving by 7.2% the previous one, due to expectations of changes in the economic portfolio. The increases of up to 4% are led by the Bonar 2030 followed by Global 2035 (3.6%) and Global 2030 (2.8%). The only two falls respond to Global 2038 (-3.3%) and Global 2041 (1.4%). Consequently, the country risk measured by the JPMorgan yields 53 basic points to 2,383 units, compared to a maximum intraday historical level of 2,976 units noted last month.
“A hopeful jump in prices, which should be validated by the new economic and political regulations. It is convenient to closely monitor the development of events”, highlighted VatNet Financial Research.
“Massa’s speech and first measures seem to be oriented in the right direction, but it seems very difficult for them to change the current situation,” added Roberto Geretto of Fundcorp.
A BCRA survey revealed that analysts expect inflation of 90.2% this year and an exchange rate of 167.16 pesos per dollar by the end of December.
“Expectations, which had increased significantly in the prelude, quickly deflated in the face of the announcement of measures that were perceived as superficial and that do not attack the underlying problems,” said Portfolio Personal Inversiones -PPI-.
S&P Merval and ADRS
The leading S&P Merval stock index gained 1.8% to 123,154.79 units, after falling 1.2% during the first week of August and improving a strong 38.53% in July.
For their part, Argentine papers on Wall Street maintain increases of up to 7%, led by YPF and Transportadora Gas del Sur in the face of expectations for the changes announced in Energy, according to operators. They are followed by Banco Macro and Central Puerto with 4.9% and 4.4% respectively. The decreases belong to Edenor up to 3.7% and Ternium with 2.8%.
Source: Ambito
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