“Also affected by this climate of impatience, sovereign bonds are falling again, erasing part of the gain they have accumulated since last week,” said Cohen, a clearing and settlement agent.
“At the moment the average price of sovereigns stands at 24 dollars, losing attractiveness in the daily dynamics of the market beyond discounting the worst restructuring scenarios,” he added.
Meanwhile, andhe country risk prepared by the JP. Morgan bank rises 0.5% units, to 2,457 basic points.
S&P Merval and ADRs
The Buenos Aires stock market is trading low this Friday, August 19, due to foreseeable profit-taking after the strong escalation the day before, driven by actions in the energy and financial segments.
The leading stock index S&P Merval of Buenos Aires lost 0.8%, to 130,378.88 units in a selective market, after closing on Thursday with a rise of 4.39% to a historical level of 131,490.91 points.
“It is worth mentioning that, when measured (the Merval) in the US currency, the index is closer to its historical minimums than to its maximums,” said Portfolio Personal Inversiones.
He added that “in any case, so far this year it registers a 9% gain with 37 points separating it from its closing value of 2021.”
The local financial market awaits further definitions on the implementation of economic measures announced by the new Minister of Economy, Sergio Massa, who will seek to channel the country’s accounts.
In the external context, concerns about the global economic slowdown weighed amid rising inflation rates.
In this context, the shares of Argentine companies listed on Wall Street operate with most losses. Among the decreases stand out Mercado Libre (-6.5%); Pampa Energia (-4.4%) and Banco Macro (-4.4%). While the only rises are recorded by the shares of Corporación América (+4.3%) and those of Irsa (+0.3%).
It should be remembered that on Thursday the S&P Merval index rose 4.4% and stood at 131,490.91. In this way, it registered the highest rise since July 27, when it rose 5.3% intraday.
On the other hand, the head of the Treasury, Sergio Massa, will travel to the United States in the first days of September to hold various meetings, confirmed the Argentine ambassador in Washington, Jorge Argüello.
“In the first days of September we are going to receive the visit of the new Economy Minister, Sergio Massa, who is going to have meetings not only with the IMF, but also with authorities from the Treasury, the White House, multinational banks”Argüello said in a speech at the Council of the Americas in Buenos Aires.
Source: Ambito
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