The S&P Merval it improved 1.3%, to 249,126.08 points, after losing 3.31% the day before due to profit taking. The main market index accumulates an improvement of 23% in January“Operators are more willing to try a correction, which they had been postponing beyond being healthy and timely,” said an operator.
The rise of the Merval in the first month of the year is led by shares in the energy and financial segments and stands out as one of the highest rises among its global peers, operators commented.
The papers that advance the most in the central panel of Bolsas y Mercados Argentinos (BYMA) are YPF (+4.1%), Transportadora de Gas del Norte (+3.4%) and Grupo Galicia (+3.4%).
For their part, Argentine papers that operate on Wall Street advanced up to 2% thanks to Grupo Financiero Galicia, followed by YPF (2%), Banco Superville (1.9%) and Pampa Energía (1.7%). Conversely, Edenor fell to 1.2%, Globant SA (-1.1%) and Corporación América (-1.1%).
In relation to the purchase of bonds, the market assumes that there will be news: “several analysts speculate on the possibility of extending the amount allocated to the repurchase of these instruments”estimated Fernando Staropoli of Rava Bursátil.
“The most important event of the day revolves around a new payment to the Monetary Fund (IMF) for a total of 1,400 million dollars. In the short term it complicates the accumulation of reserves in the Central Bank, but it is an obligatory step to face the next meeting with the organization and thus be able to have a new disbursement of 5,000 million in March,” he said.
Argentina signed a 30-month facility agreement with the IMF in March to refinance a debt of 44 billion dollars that establishes goals for the accumulation of BCRA reserves and the financing of the fiscal deficit, among other objectives.
Bonds and country risk
In the fixed income segment, sovereign bonds in dollars operate unevenly with increases of up to 1.7% led by Global 2029, Bonar 2035 (1.5%) and Global 2038 (1.1%). For their part, the Global 2041 (-1.4%), Bonar 2029 (-0.6%) and Bonar 2041 (-0.5%) fell. Thus, the risk country prepared by the JPMorgan bank rises 1% to 1,824 points for the first time in three days.
Operators point out that the repurchase of external debt was aimed at making dollar bonds rise more than peso bonds in order to decompress the exchange market at times of reduced currency settlement by the agricultural sector.
“January is on track to close the month with the worst currency settlement by exporters since 2007,” said financial analyst Salvador Vitelli, noting that “exchange rate delay, stocks and advance settlements under the “Soybean Dollar” (special dollar for soybean exporters) propitiate a January with a drought of foreign exchange”.
Source: Ambito
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