The Argentine stock market start the week with a slight downward trend despite some opportunity purchases and in a market that has less business this Monday due to the reduced activity caused by the celebration of the Day of Forgiveness (Yom Kippur) of the Jewish community.
The upcoming presidential elections that will be held in a month create a tense climate among investors, who seek to hedge against an uncertain economic future in the short and medium term. And the unexpected triumph of the extreme right in the primary elections (PASO) deepens the position of investment prudence and begins a key week for the current electoral process given Sergio Massa, Minister of Economy, who has until September 27 to make proposals and campaign ads. In this context, news regarding relief measures for informal workers is expected shortly.
In that context, the leading index S&P Merval loses 1.3% this Monday, September 25, and stands at 546,125.89 unitsafter losing 3.21% last week.
Does S&P Merval have a resistance level?
“The Merval index in pesos failed to overcome the resistance at 567,000 points and seems to be heading towards support at 527,000 points,” diagnosed the financial advisory company Agro Finanzas. And they noted that if the index rebounds from this level, the resistance at 567,000 points will remain a target. However, they considered that, if the support is broken, we could see a continuation of the fall towards 494,381 points.
Shares and ADRs
The leading panel begins the week with a majority in red, in line with the S&P Merval. The most notable casualties were those of Northern Gas Carrier (-2.9%), Transener (-2.7%), Pampa Energy (-23%), BYMA (-2 and Southern Gas Carrier (-2%). On the other hand, the only advances are Cresud (+1.4%), Edenor (+1.1%), Supervielle Group (+0.3%) and Black Hill (+0.1%) and Macro Bank (+0.1%).
Argentine papers on Wall Street operate with a majority of losses of up to 2%, led by Pampa Energyfollowed by Gas Conveyor (-1.9%), YPF SA (-1.3%), BBVA (-1.2%) and Galicia Financial Group (-0.9%). Meanwhile, the increases are led by Cresud (+1.2%), Edenor (+0.5%) and Supervielle Group (+0.4%).
Bonds and country risk
In the fixed income segment, dollar bonds They operate completely in the red. The most important casualties are Global 2038 (-4.2%), Global 2030 (-2.9%); Global 2029 (-2.7%) and the Bonar 2041 (-2.4%).
Last week, all bonds closed with weekly declines. With the Globales losing 7% and the Bonares 5%.
For his part, the risk country -measured by JPMorgan- rises (+1.6%) to 2,409 basic pointsmaximum since June.
Source: Ambito
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