Only in the first half of June, the selective rose 14.5% in pesos and 11.3% in dollars. Banks led the rises.
Banks registered strong increases during the first half of June. Thus they rose up to 37% so far this month. He rally started when Banco Itaú, on June 6, announced the withdrawal process from the country and confirmed that it was in conversations with Banco Macro SA to sell its operations in Argentina.
That day, Bull Market’s Head of Research, Mauro MazzaI had told Ambit that the banking sector was trying to return to the highs that happened during the bond buyback launched by the Minister of Economy, Sergio Massa. “That The news worked as a kind of catalyst to boost the financial sector, which was also super behind.”had added Rafael Di Giorno, director of Proficio Investment.
In the first fortnight, the biggest increase was registered by Grupo Financiero Galicia (+37.1%), followed by Banco Macro (37%), Banco Supervielle (33.3%), and Banco BBVA (31.6%). For his part, the S&P Merval rose 14.5% so far in June and, measured in dollars, rose with 11.3% at u$s773.44in turn, if we take into account the accumulated figures for the year, in foreign currency the index climbs 31.7%.
What news will impact the prices?
As for what could happen in the short term, a report from Delphos Investment He maintained: “Since the provincial elections do not show surprises yet, we do not believe that there will be a predominant role of electoral speculation. If the region’s stock markets do not fall in the coming days, local stocks have room for one more rally as long as flows continue to dominate. The entire local phenomenon seems to continue to be largely explained by regional events and flows. Therefore, it is key to continue monitoring the good moment of global risk markets”.
It will also be key to see what will happen next week with the negotiations that the Minister of Economy, Sergio Massa, holds with the IMF to specify an advance of the disbursements that the multilateral organization plans for the remainder of the year. In addition, he is asking to be allowed to use part of those funds to intervene in the exchange market and keep the price of parallel dollars at bay during the electoral campaign presidential.
On June 14, the term expired to present the transitory alliances for the elections, that is, which parties will integrate the different fronts that compete in the elections. AND Next June 24 will be the deadline for the different lists of candidates from each front to appear before the party electoral boards and then, before the electoral Justice.
Source: Ambito
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