In the porter’s bag, the S&P Merval index increased 4.5% This Friday, June 16, it surpassed 800 points in dollars and marked a new maximum since the PASO of 2019.
The increases were led by YPF (+8.9%); Grupo Supervielle (+7.6%) and Grupo Financiero Galicia (+7.4%). While Ternium fell to 2%.
The strong increases occurred in a context in which investors await progress in the renegotiation of the government program with the International Monetary Fund (IMF)and news regarding the closure of the electoral lists.
The Minister of Economy, Sergio Massawill travel to Washington next week to speed up negotiations with the IMF when obligations with the organization for some US$2.7 billion expire.
Under this scenario, the YPF papers returned to lead the steady advances in the NYSEwith a jump of 8.2%. The podium of the greatest daily ascents was completed by the assets of Grupo Supervielle (+7.3%) and Pampa Energia (+6.7%).
Conversely, the firms with the greatest falls were Free Market (-2.4%); Globant (2.1%) and Despegar.com (-1.7%).
“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” .
Bonds and country risk
In the segment of the fixed rentdollar-denominated bonds closed with majority of casualtieswith falls of up to 3.2% for him GD41D, accompanied by AL29D which fell 1.9%. As for the increases, they were driven by GD29D that climbed 2.1%, the AE38D that climbed 0.7% and the GD38D that added 0.3%.
He risk countryMeanwhile, it stands at 2,369 basis points, increasing 1.2% from the previous close, when it stood at 2,341 points.
Source: Ambito
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