Argentina closed 2022 with an average depreciation of its currency of 40% and inflation estimated to be slightly below 100%, which encourages stock purchases as hedges in emerging portfolios.
“The local market also had a year full of surprises, with many important changes. But unlike in the United States, the local market became more optimistic and most of the shares that make up the leading panel ended the year with gains of more than 100 %“, remarked Rava Bursátil.
Argentina begins a new year with old challenges, since high inflation, the fiscal deficit and the level of reserves of the Central Bank (BCRA) remain among the observable edges of investors when making decisions with the country’s assets, with the condition of a 2023 with presidential elections in the second semester.
The Treasury decided to call for a debt swap in pesos for this Tuesday with the objective of clearing the path of maturities in the short term. It will be an operation with domestic titles for two baskets made up of either ‘Ledes’ bills or ‘Dual’ bonds.
“The outstanding one is the energy sector with shares such as YPF, Pampa (…) that end 2022 with annual increases of more than 200%, an upward streak that seems to continue for 2023, with high expectations in this (energy) sector, mainly for the companies’ investments in the Vaca Muerta project,” said Priscila Bruno from Rava Bursátil.
Bonds and country risk
In the fixed income segment, The debt in dollars operates unevenly, although it did not present genuine prices due to a financial holiday in the United States, therefore, since the Wall Street reference was not available, the influential country risk of JP.Morgan was not updated either, which closed last year below the 2,200 points.
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