He S&P Merval climbed 3.1%, to 253,548.49 points, after losing 3.3% the day before due to profit taking. The main index of the domestic market accumulated a resounding improvement in pesos of 25.5% in January.
“Operators are more willing to test 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 was led by actions in the energy and financial segments and stood out as one of the highest rises among its global peers, operators commented.
The papers that advanced the most in the day within the central panel of Argentine Stock Exchanges and Markets (BYMA) turned out YPF (+6.1%), Galician Group (+5.7%) Y Banco Macro (+5.3%).
For his part, Argentine titles that operate on Wall Street advanced up to 2% thanks to YPFfollowed by BBVA Banco Francés (+1.8%) and Pampa Energía (1.7%). On the other hand, they descended Telecom up 0.8%, Loma Negra (-0.7%) and Central Puerto (-0.5%).
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 for US$44 billion, which establishes goals for the accumulation of BCRA reserves and the financing of the fiscal deficit, among other objectives.
Bonds and country risk
In it fixed income segment, sovereign bonds in dollars culminated mixed with increases of up to 1.5% led by Global 2046, Bonar 2038 (+1.5%) and Global 2029 (+0.8%). They fell, for their part, Global 2030 (-0.4%), Global 2035 (-0.3%) and Bonar 2030 (-0.2%). Thus, the risk country prepared by the JPMorgan bank rose 0.2% to 1,819 points.
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.
Source: Ambito
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