Thus, the index S&P Merval by BYMA went up 2.7%, to 87,451.27 points, after soaring 7.4% the day before after the announcement of the trip to the US. In other words, in just two days, it jumped 10.3%.
“Signs of approach in the negotiations with the IMF would be activating tactical bets on the part of operators oriented to ‘trading’ in search of enjoying a technical rebound in the face of said expectation”, said Gustavo Ber, economist at Estudio Ber.
“Beyond being positive, there is still a long way to go to agree on economic policies with both the body and the opposition so that they can be implemented and thus correct the imbalances accumulated over time, since otherwise the inconsistencies could lead to a new crisis “, he warned.
The agreement will be positive to the extent that the country complies with that commitment in a timely manner, the risk rating agency Moody’s said.
Officials from the Ministry of Economy and the Central Bank (BCRA) will travel to Washington on Saturday to hold meetings with IMF technical staff to seek to renegotiate some 45,000 million dollars.
“The Government seems to have made the decision to accelerate the process to reach an agreement with the IMF. The lack of reserves in the BCRA hastened the decision in the face of a hard summer in foreign exchange matters,” said consulting firm Delphos Investment.
Added that “the bureaucratic process does not seem to coincide with the times that transcend from the Government, with an intention to fix before the end of the year (…) The key point is not so much the agreement -which will arrive sooner or later- but the content of the itself, since it is perhaps the last resort to try to refloat the depressed confidence of the local economic agents “.
In the fixed income segment, sovereign bonds in dollars closed mixed, after a strong rebound the day before.
“In the current context, despite the fact that sovereign (bonds) in dollars at current prices look attractive, regardless of the future restructuring scenario, they are going to move structurally in low parities due to their reduced coupons”, estimated Delphos Investment.
In this framework, the Risk country -which measures the bank JP.Morgan- it lost seven units, at 1,820 basis points, compared to its all-time high of slightly above 1,900 units registered on Monday.
Source From: Ambito
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