BYMA’s leading S&P Merval index lost 1.4%, after climbing to its intraday record of 97,024.42 points in the first half of the deals.
Argentines will vote on November 14 to renew half of the Chamber of Deputies and a third of that of Senators.
“What we are seeing is that, by necessity, the Government is going to have to reach an agreement with the IMF; it is a scenario that is going to have to occur sometime between after the elections and January”said Javier Timerman, partner at AdCap and co-founder of Banza.
Meanwhile, the ADRs of Argentine companies on the New York Stock Exchange operated differently, in a day in which Mercado Libre led the increases, with an increase of 2.6%, while IRSA Propiedades Comerciales led the decreases, with a decrease 3.5%.
Country Risk and Bonds
In the fixed income segment, for its part, dollar bonds cut a two-day mini streak with raises, losing up to 2.2% (Global 2035).
“Beyond the firm tone in the emerging debt market, politics will play a fundamental role. The latest polls indicate that the opposition would increase the difference obtained against the FdT in the PASOs both in CABA and PBA. Here we believe that the real question is it lies in the attitude of the post-election government, “they commented from Porfolio Personal Inversiones (PPI).
In this context, the Country Risk prepared by the bank JP.Morgan bounced 0.5% to 1,725 basis points, compared to a historical ceiling of 1,747 units reached last week.
In the peso segment, CER bonds operated with drops of up to 0.3%, while dollar linked sovereign securities yielded up to 0.2%.
Source From: Ambito
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