After remaining inactive Thursday and Friday for the local holidays of Día de la Patria, The Buenos Aires stock market extended its bullish rally and chained 7 consecutive rises this Monday, May 29in the midst of selective purchases that are given as a hedge against a difficult economic outlook and a few months before the presidential election.
Without the Wall Street reference, which did not operate due to a holiday, BYMA’s S&P Merval index rose 1.4% to 346,369.01 unitshand in hand with energy papers, after last week marking a maximum intraday record level in pesos of 349,024.53 points.
In this way, in the last 7 days the leading panel accumulated an increase of 8.2%, half of the entire increase for the month.
The Minister of Economy, Sergio Massa, and the president of the BCRA, Miguel Pesce, traveled to China, where they will have meetings this week to, among other things, try to expand the freely available amount of the swap, a currency exchange system that Argentina has with that Asian country, for US$5,000 million to increase the international reserves of the monetary regulator.
Bonds and country risk
In fixed income, bonds denominated in dollars closed with the majority of increases, with few deals, affected by the inactivity in the US. He JP.Morgan’s country risk rose 12 units to 2,595 basis points, for reference only.
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