It should be remembered that Country Risk last week scored a record since the 2020 debt swap, marking 1,753 points. When the debt was restructured in September of last year, the benchmark started at 1,083 points.
The fall occurred since Global bonds in dollars, issued under foreign law, showed increases of up to 2.4%, led by GD35D, and seconded by GD41D (+ 1.3%), and GD30D (+ 0.8%). On the contrary, the Bonares, launched under local law, recorded losses of up to 1.8% (AL41D).
Following Sunday’s results, the ruling coalition will have to seek consensus with the opposition to leave behind a prolonged economic crisis.
For the economist Fernando Marul, the impact of the electoral result on the market was “limited.” “The results were not so different from those expected. The loss of the quorum for the ruling party in the Senate and the signals that President Fernández gave regarding the negotiations with the IMF are behind the market reaction,” he said.
Argentine stocks on Wall Street and S&P Merval
After a bullish start (especially in the pre market, where Banco Macro climbed 5%), Argentine stocks closed with a majority of losses on Wall Street, led by Edenor (-4.7%); BBVA bank (-3.3%); Globant (-2.7%); Cresud (-1.7%); and Ternium (-1.7%). The increases, on the other hand, were led by Central Puerto (+ 4.9%); Free Market (+ 2.3%); and Telecom (+ 2.1%).
In the Buenos Aires stock market, meanwhile, the sharp decline in the non-regulated financial dollar (about 4%), and some profit taking, conditioned the performance of the leading BYMA S&P Merval index, which lost 2.1%, at 92,999.37 units, after marking an intraday historical maximum level of 97,024.42 points last week.
The local market had started the day in positive territory, with a rise of more than 1%, since in the pre market the ADRs showed moderate increases, and even some decreases. But with the opening of Wall Street, at 11:30, investors mainly opted for sales in the US, something that was transferred to the local market. “It’s a picture of what happened after the STEP. When the trend starts up, the short profit takes appear,” reasoned a trader.
Source From: Ambito
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