Due to the bullish streak, operators did not rule out short-term profit taking, while this stock market is approaching its historical record of 83,923.24 points, which was scored after the defeat of the Government in the September primaries.
The brokerage Allaria Ledesma y Compañía Sociedad de Bolsa announced that it raised the recommendation on Pampa Energía’s papers from ‘hold’ to ‘buy’, in line with the new goal for the end of 2022 of 285 pesos per share.
It also increased the line for the agricultural firm Cresud, from ‘hold’ to ‘buy, with a renewed price for December of the coming year of 177 pesos for each title. porteña bag on Monday strengthened its upward trajectory against Speculative portfolio recompositions, a few weeks before a mid-term legislative election considered key for the market, while, on the contrary, bonds in dollars fell again and Country Risk approached its maximum level in 13 months.
Yesterday, bonds denominated in dollars continued without finding a floor, and closed with drops of up to 2.7%, led by Global 2029, affected by a marked lack of investor interest in the face of doubts about the future of the domestic economy, at a time when that economic data from China caused falls in global markets, except in most of the Wall Street indices. Last week they accumulated a fall of around 2%.
The yield curve remains inverted, with Global 2030 at 20.7% and Global 2035 at 17.4%. The average price of these instruments broke the floor of $ 35 and ended at $ 34.96, the post-Step minimum, but still 6% above the worst moment of April 2021.
“There were disarmaments in bonds that maintained the doubts of last week, while the stock market serves as a hedge for devaluation and inflation, hence the high selectivity according to each security,” said a financial agent.
All in all, the Argentine Country Risk climbed 0.9% (15 units) to 1,644 points and was only three units away from closing at the highest since the debt swap sealed in 2020.
Among the bonds in pesos, on the other hand, those adjustable by CER closed with the majority of setbacks (mainly in Q2X2, TX22, and TX23), after last week it was known that inflation accelerated in September to 3.5 % (accumulates 37% in the year), a figure above market expectations.
Meanwhile, in the dollar linked securities there were arbitrations in the 2022 maturities, with the sale of the short (TV22, yield of -8% TNA) and purchase of the long one (T2V2, yield of -6% TNA).
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
