The porteño bag reversed its initial fall this Wednesday, October 11 and scores his seventh climb in a row, just 11 days away from general elections and amid strong demand coverage in hard currency due to political and economic uncertainty.
The reference S&P Merval advances 0.4%, to 700,902 units, after setting an intraday historical maximum in pesos of 716,690.82 units in the previous session.
This leading index shot up 7.6% the day before, at a time when the price of the blue dollar exceeded $1,000 by political uncertainty in the run-up to the presidential elections.
In the leading panel, the stocks that experience the greatest increases are: Silver Commercial (+5.6%); Mirgor (+3.1%); and Telecom (+3%). On the contrary, the falls are led by Cresud (-4.1%); Edenor (-2.8%); and BYMA (-2.4%).
“It is reasonable that the Merval (measured in pesos) cannot keep up with the dollar. In general, Argentine companies do not have their income in dollars. A clear example is the banks, whose main business is the arbitrage of rates in pesos” , he explained Personal Investment Portfolio (PPI).
“If there were a jump in the exchange rate, the pesos that banks earn would not increase in the same proportion and, consequently, would be worth less in dollars,” he said.
Argentine shares on Wall Street
On the other hand, the Argentine papers that are listed in Wall Street they earn up to 11.4%, led by Cresud Central Puerto (+5%); and IRSA (+5.8%) While the only casualties belong to Globant (-1.7%), Free market (-1.7%) and View (-1.1%)
Source: Ambito
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