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Wednesday, March 29, 2023

The S&P Merval plunged nearly 3%, but hit six weeks of straight gains

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for his partArgentine ADRs they culminated in a majority of casualties on Wall Street. central port it led the daily drops with a decrease of 4.9%, followed by Grupo Galicia (-4%) and YPF (-4%).

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The Minister of Economy Sergio Massa announced last week a foreign debt repurchase for about 1,000 million dollars to improve the debt profile, which would also seek to control the alternative exchange market, agree analysts and operators.

The bond dynamics

The bonds in dollars in the over-the-counter market closed with rises of up to 3.6% in the hands of Bonar 3035, Bonar 2029 (+2.5%) and Bonar 2038 (+1.8%).

For his part, dollar-linked sovereigns rose 0.3% on average today, closing the week with gains of 1.2% on average along the curve. The duals operated mixed, alternated ups and downs. In any case, the entire curve closed the week positive, with the exception of TDF24, which closed it at -0.7%.

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As for the CER segmentexcept for the X18S3 that fell 1.2%, both Leceres and Bonceres ended on the rise, gaining 0.3% on average and accumulating a rise of 1.4% for the week.

The risk countrythe Argentine country risk measured by the JP.Morgan bank rose four points basic to 1,838 units.

The rates of the FCIs

The day before, the BCRA announced a decrease in the passive rates of the Mutual Investment Funds -FCI- to improve the relationship with the reference rateafter raising them at the beginning of the week after announcing a rise of 200 basis points in deposit rates for financial institutions.

“The BCRA wants to keep very short-term rates relatively high to mitigate the rise in financial dollars,” said Portfolio Personal Inversiones.

The day before, the BCRA had to part with some 45 million dollars of its reserves to supply the market demand, with which so far in January the result has reached a negative of about 48 million dollars.

“International reserves (of the BCRA) had a drop of 208 million dollars (on Thursday), possibly due to the sovereign bond repurchase program, and closed at 42,272 million dollars,” said the Cohen clearing and settlement agent.

Source: Ambito

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