Contrary to the main Wall Street indices that fell sharply due to the escalation of the conflict in the Gaza Strip, the Cedears registered shocking increases.
The last business day before the presidential elections are held, the cedarsan instrument widely chosen by Argentines to “dollarize” by investing in pesos, They rose sharply up to 25%. These general increases occurred even against Wall Street where the worry by the increase in reference rates by the Fed and fear of escalating conflict in the Gaza Strip They made the week end in red.
What was behind it was the rise of the CCL dollar. This exchange rate that companies use to transfer foreign currency abroad flew this Friday and for the first time exceeded the symbolic figure of $1,000. With a blue dollar frozen at $900 in the face of strong operations, The CCL (operated with Coca Cola’s Cedear) rose $153.52 (+16%) and closed at $1,110.59, with a 15% jump in the last 10 minutes of the wheel. Thus, the spread with the official one was 217.4%.
In this framework, the largest increases among the most operated Cedears were for Microsoft (+24.1%), Google (+22.9%), Berkshire Hathaway (+21.6%), and Mercado Libre (+20.4%). As for the ETFsthe one that advanced the most was DAY that replicates the Dow Jones with 25.2%, followed by SPY which follows the S&P 500 with 18% and in third place the XLE which brings together companies from energy sector with the 13%.
On Wall Street, meanwhile, the main indices closed on Friday with sharp falls, largely dragged down by technology and financial stocks, against growing concerns about further interest rate increases in the United States and the spread of the conflict between Israel and Hamas. Thus, the S&P 500 index lost 1.3%, to 4,223.52 units; while the Nasdaq Composite fell 1.5%, to 12,983.81 units. The Dow Jones Industrial Average fell 0.9% to 33,122.34 units.
Record volume
The volume in shares rose 373% this day compared to the previous day to $146,581 million, which represented 42% of what was traded in variable income. So, The remaining 57% was traded in Cedears, whose daily amount grew 351% to $196,978 million.
In dialogue with Ámbito, Juan José VázquezHead of Research Cohen, said: “The uncertainty regarding the electoral result and what happens the day after generated a lot of demand for coverage this last day. whether in stocks, Cedears, hard dollar bonds, linked dollar bonds, and the long section CER bonds.”
Source: Ambito
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