Bonds start October on the downside and stocks start the month with a slight rise, although it is difficult for the trend to be maintained throughout the day.
The The Argentine stock market is trading higher this Monday, encouraged by opportunity purchases at a time when investment uncertainty is increasing. with the imminent presidential elections. However, Argentine bonds in dollars fall sharply due to distrust regarding the future of local debt.
Political issues gain weight just weeks before the presidential elections so that a new president takes office in December.
The shares fell up to 2.31% at the beginning of the week, led by Loma Negra; Cresud (-1.95%) and Supervielle (-1.63%). Meanwhile, some increases were recorded, led by the shares of Banco Macro (+2.07%), Edenor (+1.5%) and Pampa Energía (+1.3%).
So, The leading stock index S&P Merval gains a slight 0.15% and stands at 563,399.03 pointsafter accumulating an improvement of 1.66% last week and closing September with a drop of 13.93%.
The dynamics of stocks in the year
The leading index gained a strong 43% in August and marked an all-time intraday high of 690,781.66 points at the end of that month.
“So far in 2023, despite the fact that the Argentine selective seems to have put a logical pause on its good streak, it has registered an increase of 18% in dollars,” said IOL Invertironline. However, they clarified that “we remain cautious and recommend actions of companies with good fundamentals and with income in foreign currency, such as Pampa Energía.”
Bonds and country risk
Argentine bonds in dollars lose up to 9.4%, in the case of Global 2029. They are followed on the list of losers by AL 41, which fell 4% this Monday, and Global 2014 (-3.3%). The AL35 alone rose by just 0.9%. And the country risk remains stable at 2,543 points, a very high level.
Source: Ambito
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