The Argentine stock market maintains a bullish bias this Friday driven by purchases as a hedge against the constant rise of the dollar in parallel markets and a consequent depreciation of the local currency a few days before an uncertain presidential election.
“The The trend of the Argentine market does not seem to change but all eyes are on the electoral results of October 22, since it can define both a continuity and a change in the direction of the market,” said Mauro Natalucci of Rava Bursátil.
The leading stock index S&P Merval gained 1.14%, to 620,065.73 units then accumulate a rise of more than 10% in the previous three business sessions.
Dollar without ceiling and stocks on the rise
As Banco CMF points out in its daily report, Nothing seems to contain the rise in the exchange rate and “a dynamic has entered into in which there is no fundamental value to put a ceiling on it.” to financial dollars.” They point out that, if the growth of the amount of pesos as a monetary base and remunerated liabilities is analyzed, the CCL dollar is not behind, but in the short term that correlation can be strongly altered.
Doubts about the future of the southern country are accentuated weeks before a presidential election where the libertarian Javier Milei, who proposes dollarizing the economy and eliminating the central bank, and the Minister of Economy and candidate, Sergio Massa, who defends the peso, will measure their strength. , and the center-right leader Patricia Bullrich who advocates for bimonetization.
While, The shares rise more than 7%, led by Aluar, which climbs 7.4%; Cresud climbs 6.15% and Ternium has an increase of 5.94%. Only Telecom (-1.17%) and Supervielle (-0.67%) are trading negatively on the main panel. This dynamic is what is driving the S&P Merval index and responds to a strong search for coverage.
ADRs: this is how Argentine stocks are on Wall Street
Meanwhile, Argentine stocks on Wall Street are performing very well. They are all in green, led by Cresud (3.38%), followed by BBVA (+2.65%) and Pampa Energía (+2.35%). This is consistent with the dynamics in the local market, but also in the international ones. Wall Street has a positive trend today, despite the fact that the employment data in the United States for September was known and had a good result.
However, this is offset by a stagnation in the evolution of wages, which is why analysts are more conservative regarding whether or not the Federal Reserve (Fed) rate increases will continue.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
