S&P Merval and Argentine bonds maintain an upward trend at the start of the month

The stock market of Argentina start the month with increases as a consequence of what is known as electoral trade, which is leading to persistent taking of positions as a cover in the face of a difficult economic situation, with high inflation and a few months before a disputed presidential election. And, thus, it maintains the positive trend of June.

And, in this context, the leading index S&P Merval win a 0.71% and stands at 429,320.120 points, after having risen 2.36% on Friday and accumulating an increase of 24.61% in June. The shares of the leading panel show, for the most part, an upward trend, with increases of up to 2.5%, led by Edenor and few losses.

“Measured in constant pesos, the Merval is at a historical ceiling. In this sense, if the free exchange rate corrects downward in real terms in the medium term, we see little feasibility that the actions can follow the rhythm of the inflationsaid consultancy Delphos Investment.

And he clarified that, if he did, the index would not only be extremely high measured in constant local currency, but, in hard currency, it would also tend to historically high prices.

Argentina paid 2.7 billion dollars to the International Monetary Fund on Friday, while negotiations with the organization continue to renegotiate goals and seek advance funds in the midst of a complex economic and political scenario.

Positive trend on Wall Street

The Argentine stocks on Wall Street they also reflect the positive trend observed in local assets, with increases of up to 2.84%, led by the role of Cresud, YPF (+2.72%) and Grupo Supervielle (+2.45%). Meanwhile, there are some falls: Mercado Libre (-0.90%) and Loma Negra (-0.25%).

Bonds on the rise

The Argentine dollar bonds They also show an upward trend this Monday, led by the AL35, which is up 2.2%, and the AL29 and AL30, which are both up 1.6%. This has a positive impact on the country risk, which has been falling and stands at 2,037 points.