Hard currency securities closed with losses of up to 6.7% led by Global 2041 (-6.7%), Global 2035 and Bonar 2041 (-4.3%) and Bonar 2038 (-4.1%) . Meanwhile, the country risk measured by JPMorgan rose 2.5% to 2,768 basis points.
External markets were hit by weak economic data from the United States and a lower-than-expected rate hike in Australia, which could predict a less aggressive tightening by the Federal Reserve amid fears about the effects of generalized inflation. .
“It is a market for the brave. Whoever is encouraged and has patience, should know that there is a lot of room to capitalize on current prices. This, if Argentina does not suffer any economic accident“, said Personal Portfolio Investments in a report.
In the local context it is expected new measures to stop the loss of dollars from the Central Bankwith inflation forecast at 100% this year, while externally, US Treasury yields rose on data showing resilient demand for labor despite rising interest rates.
The so-called soybean dollar allowed the monetary entity to accumulate some US$5,000 million in its weak reserves. “Although this gave reserves air, in the coming months the collateral effects will have to be dealt with: fewer agricultural settlements and a monetary hangover of more than 1 trillion pesos that, via BCRA absorption, increased the snowball of (letters) ‘Leliqs’said Roberto Geretto of Fundcorp.
S&P Merval and ADRs
Argentine papers listed in New York traded mixed with advances of up to 11.4% thanks to Vista Energy, followed by YPF (+6.7%); Transportadora Gas del Sur (3.2%) and Edenor (2.4%). The most notable setbacks were marked by Globant (-2%), Grupo Financiero Galicia (-1.9%) and Ternium (-1.8%).
“Argentine ADRs in New York, although they accumulate several rising rounds, do not finish defining an upward trend and oscillate between fixed values”said Mauro Natalucci of Rava Bursátil.
Lastly, the S&P Merval by BYMA rose 1.24% to 146,722.87 pointssupported by the trend in local ADRs listed in New York and the push of the papers of the energy sector.
Among the stocks that rose the most YPF (+8%) stood out, followed by Transportadora de Gas del Sur (+5.4%) and Central Puerto (+3.4%).
On the contrary, the declines were led by the titles of Aluar (-3.3%); Transener (-1.8%) and those of Grupo Financiero Valores (-1.4%).
Source: Ambito
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