“It is very difficult for the Merval to advance above 500 points (measured in dollars) and stay while the country risk continues to oscillate around 2,500 points,” said Portfolio Personal Inversiones, adding: “The S&P Merval has been showing a better version than last year and accumulates a 60-point difference with its value at the end of 2021, so the accumulated gain stands at 14.57%“.
In another order, the shares of Argentine companies listed on Wall Street climbed to 9.6% hand in hand with BBVA. Behind appeared the papers of Central Puerto (+5.7%), and Cresud (+4.6%). On this day, the Santander, Galicia and BBVA banks released their financial statements for the third quarter of the year, which resulted in profits of around $10,000 million for each financial institution.
It should be noted that the Government is studying to reinstate a special exchange rate for soybean producers, a measure that it already established in September, to stimulate its liquidations and strengthen reserves. Furthermore, from the Palacio de Hacienda want to speed up the review of the International Monetary Fund to approve the agreed objectives for the third quarter of 2002, which would enable the disbursement of fresh funds and thus oxygenate the reserves.
Bonds and country risk
In fixed income, sovereign bonds in dollars closed mixed. The biggest increases were for the Bonar 2041 (+4%), Bonar 2035 (+3.1%), and the Bonar 2029 (+3.1%). The declines were led by Global 2046 (-1.4%). While, the country risk measured by the JP Morgan bank fell 0.7% in 2,409 units.
“The increases occur in a context of low prices after testing historical low values, and in the face of less global risk aversion given expectations that the Fed slow down rate hikes in the face of inflation that could start to subside,” said Research for Traders, noting that “The dollarization of portfolios also has an influence in the face of high local inflation”.
Source: Ambito
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