The porteño bag falls due to profit taking this Thursday, November 23, after the abrupt jump of 30% In the two previous days by optimism after the arrival of Javier Milei for president.
The index S&P Merval falls 0.5% to 833,674.08 points, after advancing 5.83% on Wednesday and setting the intraday record in pesos at 838,616.65 points.
The local actions They operate unevenly with increases of up to 5% led by Telecom Argentina (5.2%), Edenor (3.7%), Transener (3.8%) and Central Puerto (2.9%).
On the other hand, Cresud, Aluar (-3.15) and Ternium Argentina (-2.7%) fell up to 5%.
Meanwhile, the Merval in dollars falls 0.9% to 877.68 points.
For his part, the american market, main reference for the local squarewill remain inactive due to the celebration of the Thanksgiving.
Why the Merval rose this week
Argentine assets rise strongly this week against optimistic expectations generated among investors by the recent victory of libertarian Javier Milei in the presidential elections, under the commitment of an abrupt cut in public spending. Purchases of local stocks and bonds skyrocketed after the result at the polls that glimpses a change in the direction of the economy.
“The reality is that Argentina, until Sunday, was not on investors’ radar, and now it is“said analyst Javier Timerman of Adcap Grupo Financiero. “But whether this becomes a sustainable rally over time will depend a lot, first, on the announcements that Milei makes in terms of people, its officials; then, of her plan, and then, of the first movements,” he stated.
“The expectation of a radical change of direction of economic policies once the new Government takes office on December 10 generates greater uncertainty,” warned Moody’s Investors Service. It added that “in this sense, economic and financial volatility could worsen in the weeks prior to Milei’s inauguration, particularly with regard to the exchange rate of the parallel market”.
The day highlights the fall of the blue dollar and the new rise in financial dollars.
Source: Ambito
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