Argentine Stock Exchanges and Markets (BYMA), The local stock market is trading lower this Tuesday as a result of rapid profit-taking among institutional investors, in a prudent financial context due to the expectation of the imminent arrival of the announcements of a new exchange rate for agricultural exporters, which will be They will do this Wednesday, and after the announcements of the International Monetary Fund (IMF).
The leading index S&P Merval from Buenos Aires loses 0.64% and stands at 253,066.79 pointsin contrast to the strong upward drag of 3.66% observed the day before and in line with what is happening with the shares of Argentine firms on Wall Street, the New York Stock Exchange, which are mostly moving downward on the working day.
In fact, they lose up to 5.3% ADRs of Argentine companies in the United States. Such is the case of Transportadora de Gas del Sur, which is the one that falls the most, followed by Pampa Energía, which loses 5%, YPF falls 4.25% and Banco Macro loses 3.91%. While Loma Negra lost 3.66%, Grupo Supervielle, 3.63%, BBVA, 3.59%, Edenor, 3.37% and Grupo Financiero Galicia, 3.35%.
Central Puerto (-2.93%), IRSA (-2.87%), Adecroagro (-2.44%), Cresud (-1.38%) are also falling. And the shares of Mercado Libre, Despegar and Bioceres depreciate 1.09%, 4.03% and 0.95%, respectively.
Learn more – Follow the price of the blue, official, CCL and MEP dollar in Argentina
This occurs in a context in which Argentina is expected to formally announce on Wednesday the details of the new plan to encourage soybean exports, at a time when it seeks to stop the bleeding of its scarce foreign exchange reserves that accumulate in the coffers of the Central Bank (BCRA).
On the other hand, the executive board of the International Monetary Fund (IMF) Last Friday it lowered Argentina’s net reserve accumulation target for the end of this year to $8 billion, from $9.8 billion previously set.
This was resolved within the framework of the fourth review of the US$44 billion program that the agency has with the country. Argentina approved the evaluation of the goals for the fourth quarter of 2022 and that triggered a disbursement of US$54.00 million by the agency, but requested a reduction of some goals for the current year and the Fund, given the difficult context for the field, due to the drought, approved the request.
Bonds and country risk
In that scenario, almost all dollar bonds fall up to 2.4% (the GD30, which is the lowest), except for the GD46, which rose 1.4% this Tuesday, and the GD38 and AL35, which remain unchanged. Likewise, the country risk rises 0.09% this Tuesday to 2282 points.
Source: Ambito
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