The stock index BYMA’s S&P Merval it yielded 1.7%, to 244,719.09 points. This stock benchmark stood out in January with a strong rise of 24.47% measured in pesos.
The losses for the day were led by the actions of Ternium (-4.4%); Holcim (-3.8%); and Edenor (-3.6%).
On Wall Street, for its part, the papers of Argentine companies closed mixed, with increases led by Cresud (+2.8%); Edenor (+2.4%); and Mercado Libre (+1.7%). In turn, among the most notable losses of the day were the assets of Black Hill (-3.4%); Vista (-2.9%); and the bank BBVA (-1.5%).
“The deterioration in local ‘fundamentals’ and a more demanding international context for emerging markets” complicates the marketthey warned from Cohen.
The perspectives “They are worrying, because the harvest projections continue to worsen due to the lack of rain, and the Government does not have much room to push imports without further cooling the economy”said Isaias Marini of Econviews. “With a Central Bank without reserves, we believe that the Government will end up adjusting the stocks even more and implementing temporary exchange schemes such as the ‘soybean dollar'”, held.
In the last part of the session, the minutes of the Federal Reserve of the United States were known in which it is indicated that “almost all the participants agreed that it was appropriate to raise the target range of the federal funds interest rate by 25 basis points.”
Bonds and country risk
In the fixed income segment, the sovereign bonds denominated in dollars stopped the negative streak and bounced up to more than 5% in the local stock market, thanks to the Bonar 2038 (+5.2%); Bonar 2035 (+4.7%); and Bonar 2041 (+4.7%). Instead they backed off, the Global 2046 (-3.3%); and Bonar 2041 (-2.8%).
Thus, the Argentine country risk it yielded 4.3% to 2,086 basis points.
Operators and analysts agree that the drop in bond parity in recent weeks could complicate the launch of a potential “Repo” between entities to strengthen the limited reserves of the Central Bank (BCRA).
The Government announced in mid-January the repurchase of bonds for around 1,000 million to improve the debt profilewhile a source close to the negotiation said that the Ministry of Economy recently received seven offers for a ‘Repo’ loan for about 1,000 million dollars.
A supposed debt swap in the second quarter of the year “It would make sense from now on, but the uncertainty would go through the interest that there would be in accepting said terms, since it is exactly the opposite of what happened today in the secondary market (there is no demand for bonds in pesos 2024)”, said the StoneX brokerage.
Source: Ambito
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