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Thursday, March 23, 2023

Shares shot up 9.3% and the S&P Merval had its best day in 8 months

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The Buenos Aires stock market revived and had its best day in eight months this Thursday, March 16, after a streak of 5 losses in a row. It happened in tune with the recovery of the main indices on Wall Street that closed with strong increases after the rumors that the Fed could moderate the rate hike after the banking sector reeled following the collapse of Silicon Valley Bank.

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Thus, the leading referent BYMA’s S&P Merval gained 6.5%, to 223,388.24 pointsagainst a adverse drag of 16.4% in the last five consecutive sessions at closing. In the leading panel, the main increases were for Ternium (+9.3%), Aluar (+9.3%), and Holcim (+8.9%).

“The Merval could find resistance at 220,000 points and return with the downward trend it has in the medium term”, estimated Alexander Londoño of ActivTrades. Nicolás Chiesa from Portfolio Personal Inversiones added: “These are difficult times for investors, both to make decisions and to position themselves. Every day something new appears and one feels that there may still be more things hidden ‘under the rug’ both in one’s ownas in the external”.

In addition, this day, the Central Bank (BCRA) finally uploaded the Fixed term rates and 28-day Leliqs. The rise was 3 percentage points, because it took it to 78%, which is equivalent to an Annual Effective Rate (TEA) of 113.2%. Meanwhile, the passes, the investment line and the cards remained unchanged.

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Regarding international markets, Wall Street closed sharply. The Dow Jones rose 1.2%, the Nasdaq soared 2.5%, and the S&P 500 rose 1.8%. Indices were driven by “Big techs” and the chances of a rate hike pause or just 0.25%. Amazon, Google and Microsfost advanced more than 10% in the week. In that context, ADRs rose to 7.9% thanks to Banco Macro, followed by Central Puerto (+6.9%), and BBVA (+5.6%).

Bonds and country risk

In fixed income, sovereign securities in dollars closed with strong increases of up to 4.6%, thanks to Bonar 2041, followed by Bonar 2030 (+3.4%), and Bonar 2038 (+3%). Thus, the risk country measured by JPMorgan fell for the first time in 8 days, it fell 2.8% to 2,322 basis points.

Meanwhile, on the sovereign curve the dollar-linked volume is concentrated in the TV23 (+0.5%)while the Duals ended with average gains of 0.8and highlighted the TDF24 that rose 1.4%. As for the CER segmentthe short section of the curve closed with average increases of 0.7%while like yesterday the long Bonceres were offered and fell 0.2% on average, indicated the SBS group.

Source: Ambito

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