S&P Merval extends string of falls in the countdown to the ballot

S&P Merval extends string of falls in the countdown to the ballot
November 16, 2023 – 12:50

In the last days of the road to the presidential election in the second round, Argentine stocks have accumulated four days of decline.


He local stock market throw a slight downward bias this Thursday, November 16, in line with the expectation of investors about the uncertain result of the presidential runoff that will take place this Sundayin which the current Minister of Economy, Sergio Massa, and the libertarian Javier Milei, who seeks dollarization and the elimination of the Central Bank (BCRA), will measure forces.

In that scenario, The S&P Merval index falls 1.16%, to 628,380.250 units and extends the 0.81% drop it had on Wednesday in a context of selectivity due to the natural rearrangements of portfolios through pre-election coverage.

The action of the leading panel that falls the most this Thursday is that of Mirgor, which lost 2.96%, followed by Transportadora de Gas del Norte (-2.59%) and Transener (-2.57%). Meanwhile, the company papers that rose the most are those of Supervielle (+2.10%), Ternium (+1.35%) and BYMA (+1.05%).

Argentine market: the analysts’ view

“Flows continue to favor the region’s stock markets and Merval continues not to take advantage of the tailwind (…) In fact, The local index is losing ground for the fifth consecutive week regarding the Bovespa, a phenomenon that has not occurred since January 2021,” Delphos Investment reported.

In the same vein, he pointed out Javier Timerman, Managing Partner of Adcap Grupo Financiero, who states: “When there is financial instability, the first to suffer are the weak countries, but Argentina’s situation is very particular: the movements of local assets are not so related to global assets or what is happening with the global economy. because we are in an electoral process that, no matter what happens on Sunday, will end up being very disruptive, generating a tremendous rift.”

And he anticipated that, whoever wins, It will be very difficult to governin a very complicated context, which requires making many decisions.

Argentine shares on Wall Street

Argentine stocks in New York are trading with a mixed trend this Thursdays, although the strong rise in Central Puerto stands out due to the announcement of recent investments. That ADR climbs 4.24%. Meanwhile, the next one that climbs the most is IRSA (+1.28%), followed by Mercado Libre (+0.88%). Meanwhile, the papers that fall the most on Wall Street are those of Banco Macro (-2.21%), Grupo Galicia (-2%) and BBVA (-1.66%).

Source: Ambito

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