The Argentine shares do not stop their bullish escalation and this Friday June 16 soar to more than 9% on Wall Street, supported by a greater appetite for global risk, while investors awaited progress in the renegotiation of the Government’s program with the International Monetary Fund (IMF), and news regarding the closing of the electoral lists.
Economy Minister Sergio Massa will travel to Washington next week to speed up negotiations with the IMF when obligations to the agency for some US$2.7 billion expire. In the external context, meanwhile, investors maintained the hope that the US Federal Reserve (FED) could soon end its monetary tightening campaign.
Under this scenario, the YPF papers returned to lead the steady gains on the New York Stock Exchange, with a jump of 9.1%. The podium of the greatest daily ascents was completed by the assets of Pampa Energía (+5.4%); and IRSA (+4.6%).
On the contrary, among the only falls, the most important corresponded to Globant (-1.8%); Free Market (-1.4%); and Tenaris (-0.8%).
“We do not see obvious drivers or any specific situation that makes the shares rise. However, there are three factors that may be influencing. First, the technical position of Argentine papers is better than that of bonds. This means that the large funds are already Equity left the country, and every time a certain demand appears, prices rise, because there are few sales (that is, the one who wanted to leave, already left a long time ago)”commented to Ambit Eugenia de Irureta, BAVSA researcher.
Secondly, the specialist remarked that “There may be some expectation for the definition of the presidential candidacies on June 24 or some news in this regard this long weekend, which stimulates exposure to local risk.”
Lastly, De Irureta did not ignore the weight of the global context: “In the US, inflation is beginning to come under control and a ‘terminal rate’ seems to be getting closer, so there is a rotation of portfolios towards technological, fintech and emerging stocks” .
In the Buenos Aires stock market, for its part, the S&P Merval index increased 3.7% and exceeded 400,000 points for the first time (it stood at 406,132.5 points), in tune with wall street that, is optimistic after the meeting of the Federal Reserve.
The rises were led by YPF (+8.5%); Galicia Financial Group (+6.4%); and Central Puerto (+6.1%). The only four casualties corresponded to Ternium Argentina (-2.3%), Grupo Financiero Valores (-1.2%), Aluar (-0.6%), and Telecom (-0.2%).
Bonds and country risk
In the segment of the fixed rentdollar-denominated bonds they trade downwith falls of up to 2.4% for him AL35, while the AL29 fell 2.3% and lose 1% the bonus Global 2030. As for increases, only the AL41 is trading upwards, which climbs 1.4%.
He risk countryMeanwhile, it stands at 2,363 basis points, increasing 0.9% from the previous close, when it stood at 2,341 points.
Source: Ambito
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