S&P Merval reverses initial rise and chains its third consecutive fall

S&P Merval reverses initial rise and chains its third consecutive fall
November 8, 2023 – 12:45

On November 19, Argentines will go to the polls to elect a new president and in that context investors will rearrange their portfolios.


The Buenos Aires stock market reverses initial rise this Wednesday, November 8. In this way, it chains a streak of three falls in a row. In that framework, the local shares fall up to 4.5%. This happens in a scenario marked by uncertainty that generates proximity with the runoff presidential.

In that framework, the S&P Merval falls 1.5%until 601,896.04 units. In this way, the stock index reverses initial rise and falls off by third consecutive day.

In the local squarethe Actions operate with majority of casualties. Those who score greater losses are those of Mirgor (-4.7%), Cresud (-3.8%) and Black Hill (-3.3%).

In NYthe papers of Argentine companies operate with majority of casualties. The largest losses are those recorded by Black Hill (-2.6%), Southern Gas Carrier (-2.3%) and Galicia Financial Group (-23%).

S&P Merval falls for the third round in a row: in what context

On Sunday November 19th The current Minister of Economy will go to elections, Sergio Massadefender of the peso as currency, and the ultraliberal Javier Mileiwhich aims at the dollarization of the economy and the elimination of the Central Bank (BCRA).

“The market still does not seem to have reached a consensusafter the rearrangement of the forces,” said the consulting firm EcoGo.

Recent electoral polls are showing a increasingly tight race between candidates what are you offering polarized visions.

“Already in the last two weeks before the runoffattention remains focused mainly on electoral signals in order to try to elucidate not only a result for the second round but also how the political map would follow later in the face of the economic challenges that must be faced urgently in the face of accumulated imbalances,” said the economist Gustavo Ber.

Recently Massa said that he November 15, Before the second electoral round, the official exchange rate will rise three pesos and a crawling peg.

Source: Ambito

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