The Buenos Aires stock market began with improvements on Monday encouraged by selective profit-taking from hedges, at a time when the local market is immersed in strong economic and political turbulence.
The Buenos Aires stock market began with improvements on Monday encouraged by selective profit-taking for toppings, at a time when the local market is immersed in strong economic and political turbulence. The strong depreciation of the peso in recent days in alternative exchange places, rising inflation and other economic doubts, add to political tensions ahead of this year’s presidential elections.
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In the fixed income segment, sovereign dollar bonds They are trading down up to 5% led by Bonar 2029, followed by Global 2029 (-2.9%), and Bonar 2030 (-2.4%). Country risk, for its part, rose 0.6% to 2,639 basis points.
S&P Merval and ADRs
The S&P Merval rises 1.9%, to 296,476.79 points, after renewing a historical maximum level of 294,643.18 units after the opening. Argentine papers listed on Wall Street operate mixed. The increases of up to 2.9% are led by Tenaris, Transportadora Gas del Sur (2%) and YPF (1.7%). The decreases belong to Despegar (-2.4%), Banco Superville (-1.3%) and Irsa (-0.9%).
In the midst of strong exchange rate pressures due to foreign currency hedges, last week the Merval rose 5.5% in local currency but measured in dollars, in the alternative exchange place given the rigid controls, it fell almost more than 6% to u$s639, operators agreed.
On the other hand, in the global context, The market expects the US, UK and European central banks to raise interest rates when they meet in the first week of May, in order to tackle persistently high inflation.
Learn more – Follow the price of the blue, official, CCL and MEP dollar in Argentina
Weak US economic data and worse-than-expected profits from tech firms raised investor concerns about economic growth.
Source: Ambito
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