The porter’s bag closed higher this Thursday June 15, after setting all-time high values sustained by the improvement noted in energy and financial actions, at times when the Central Bank (BCRA) kept its reference rate stable at 97% after a slowdown in inflation in May.
The stock index S&P Merval improved 3.5%, at a close of 391,831.38 points, after renewing its intraday record at 392,305.64 units in the first part of the session.
He Consumer’s price index (CPI) it rose 7.8% in May, against 8.8% forecast by analysts and 8.4% in April. Thus, in the course of the year inflation climbed 42.2% and jumped to 114.2% in the last 12 months.
“That interest rates are not changed is good, although they are at high levels, not only by the Central Bank (BCRA) but also from the Federal Reserve. This somehow drives risky assets and this is seen in prices,” said the analyst Marcelo Rojas.
In the midst of political tensions, months away from a difficult election, investors are looking for hedges in well-liquid assets in the face of high inflation and the devaluation of the peso.
The Government, which is renegotiating an agreement with the International Monetary Fund (IMF) to relax the agreed goals and achieve an advance of funds to reinforce the BCRA reserves, reached an agreement last month with China to renew and expand a “swap“of coins.
The availability of the swap with China allowed a growth in commercial operations carried out in local currencies, reaching payments of 3,650 million Renminbi (some US$512 million) during the year, said the BCRA.
“The BCRA can also carry out operations in yuan for reasons of financial stability,” the entity said in a statement.
YPF led the Buenos Aires market with a rise of 8.6%followed by Supervielle Group (7.5%) and Telecom (6.6%).
Argentine shares on Wall Street
Argentine stocks on Wall Street, the New York Stock Exchange, closed in green. The performance of YPF with a rise of 7.6%; followed by Supervielle Group which climbed 7.1%; edenor which climbed 4.8% and the Macro Bank which advanced 4.5%.
Bonds and country risk
in the segment of fixed rent, dollar-denominated bonds closed with increases of up to 2.6%. The main hikes are for the GD41Dwith an increase of 2.6%the AL29D scored 2.1% and the GD29D fell 0.1%.
“The Sovereign bonds have followed the positive trend of the international market and have benefited from the positive sentiment towards emerging markets,” said Delphos Investmentnoting that “so far this month, global bonds have achieved an average return of 12%.”
Meanwhile, the country risk measured by the bank JP Morgan went up 8 units to 2,341 basis points.
Source: Ambito
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