On the New York Stock Exchange, the shares of Argentine companies climbed up to more than 6%, with increases led byPampa Energía (+6.4%); YPF (+6.3%); Free Market (+4.8%); BBVA (+4.5%); and Grupo Financiero Galicia (+3.7%).
For its part, on the Buenos Aires stock market, the BYMA S&P Merval index advanced 2.3%, to 168,965.77 points, led by companies in the energy sector, after losing 3.6% during the previous week. In the leading panel, the promotions of the papers of Pampa Energía (+6.9%); YPF (+5.8%); and Transener (+4.5%).
Although the improvement in the market was not necessarily associated with the trophy achieved in Qatar, the festivities at the financial tables, among investors and in the streets of the country became palpable. “Like everything in life, good humor always helps (…) and the market knows it”commented a private bank agent.
One economist argued that “ADRs and bonds in dollars managed for the moment to avoid external weakness, as they have been doing in recent times as a result of tactical bets based on punished valuations, but said reaction today (Monday) could be due to some effect associated with the consecration in the World Cup”.
The Argentine National Team will celebrate the third World Cup star on Tuesday at the Buenos Aires Obelisk, on a day that will be a national holiday, as President Alberto Fernández decided this afternoon. The president made that decision through a Decree of Necessity and exempts the Federal Administration of Public Revenues (AFIP) and banks from the norm until 12 noon, official sources reported.
Bonds and country risk
In the fixed income segment, the main bonds denominated in dollars also closed with firm advances. Between Wall Street, they stung at the tip Global 2030 (+1.8%), Global 2035 (+1.5%); and Global 2046 (+1%). While in the local stock market, the podium was made up of Bonar 2035 (+5.4%), Bonar 2029 (+3.8%), and Global 2035 (+3.5%).
Thus, the Argentine country risk, which is measured by JP Morgan, fell for the seventh consecutive day, falling 0.6% to 2,159 basis points.
In the market, it is expected that on Thursday the approval of the board of the International Monetary Fund (IMF) will be obtained on the third review of the agreement with the southern country, which would enable a new disbursement of the organization. “Without taking any substantive measures, the government managed to allay fears of a disorderly currency adjustment, at least in the short term,” reported settlement and clearing agent Cohen.
Source: Ambito
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