The S&P Merval and dollar bonds fall due to profit taking

The Buenos Aires stock market falls this Tuesday, September 19, profit taking amid obvious signs of investors seeking guard in highly liquid domestic assets versus high inflation and daily devaluation. This happens within the framework of a scenario marked by the presidential election which will take place in just over a month.

In that framework, the S&P Merval by BYMA yields 2.3%to 571,662.43 unitsafter uploading a 3.1% last Monday and to accumulate during the last week a rise of the 6.9%.

“Everything indicates that The local stock market index should continue its upward march for the rest of the yearcaused, perhaps, by the liquidity injections into the economy that generated a excess money supply translating into bullish impulsesfor excess of demandboth of the stock market and the exchange market,” said Mauro Natalucci of Rava Bursátil.

Thus, in the leading panel the main setbacks are those of Southern Gas Carrier (-4.3%) Aluar (-4.2%) and Argentine Stock Exchanges and Markets (-3.8%). Meanwhile, it is the one recorded by Edenor (+1.4%).

For its part, in Wall StreetArgentine actions fall until 4.1%as is the case of Free market. The biggest falls that follow are those recorded by Southern Gas Carrier (-3.6%) and Macro Bank (-2.9%).

At the international level, the main event of the week is the monetary policy meeting of the Federal Reservewhich is expected to culminate in a pause in the increase in ratesleaving the federal funds target rate unchanged for the second time since March 2022.

Bonds and country risk

The dollar bonds operate with majority of casualties. Those who fall the most are Global 2046 (-3.4%), the Global 2035 (-1.8%) and the Bonar 2038 (-1.4%). While those that rise the most are the Bonar 2029 (+0.8%), the Global 2029 (+0.6%) and the Bonar 2035 (+0.6%).

For his part, the risk country -measured by JPMorgan- keep it up 6 units (+0.3%) a 2,176 basic points.