Among the ADRs that fell the most were those of Mercado Libre (-6%), followed by Ternium (-5.8%) and Tenaris (-5.6%). Among the few increases, IRSA shares stand out (+0.6%).
Meanwhile, the leading stock index S&P Merval loses 1.8% to 138,229.42 unitsafter rising 3.2% the day before and scoring a historical maximum level of 150,971.41 points on September 19.
“The market is selective and we are seeing some profit taking“said an operator, noting that”the underlying market trend is still bullish“.
In the global context, markets improved after Russian President Vladimir Putin eased geopolitical concerns by saying there were no plans for further military mobilization in Russia.
The Brazilian state oil company Petroleo Brasileiro announced that it has put up for sale its Argentine subsidiary Petrobras Operación to “optimize” its asset portfolio.
Likewise, US stocks fell on Friday as corporate earnings season began with a slump in profits at big banks, and major indices quickly reversed an initial rebound after Russia signaled an end to its military mobilization.
The Dow Jones Industrial Average was down 0.12%; the S&P 500 index fell 1.28% and the Nasdaq Composite fell 1.74%.
Today the inflation data measured by the INDEC will be published and the Central Bank is analyzing a possible rate hike. Good news to highlight is that Argentina would be close to closing the renegotiation of the agreement with the Paris Club for the amount of US$2.4 billion at the end of October, according to Economy Minister Sergio Massa.
“The solution lies in a stabilization program”said a report from the Foundation for Latin American Economic Research (FIEL), although it estimated that “it does not seem likely that the Government will undertake this program. In fact, the probability will decrease the closer we get to the 2023 (presidential) elections” .
“On the other hand, it is possible that they will continue to try to bring the fiscal result closer to the goals agreed with the IMF, that they will point to a somewhat positive interest rate in real terms and that other multiple exchange rate versions and restrictions on imports appearyes That mix would do little to sustain the level of activity or reduce the rate of inflation appreciably,” he estimated.
Bonds and country risk
In the fixed income segment, sovereign bonds in dollars fell to 2.3% thanks to the Bonar 2029. Behind them are the Bonar 2035 (-2%) and the Bonar 2030 (-1.8%). For his part, the country risk improved 8 units or 0.3% at 2,792 basis points.
Source: Ambito
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