The shares of Argentine companies They resume the bullish path this Tuesday, December 5 and they climb up to 6% in Wall Streetand up to 11% in the Buenos Aires stock market, in the midst of palpable economic and exchange uncertainty starting next week, when the new structure of president-elect Javier Milei debuts.
On the New York Stock Exchange, the increases in Argentine papers are led by YPF (+5.7%); Central Puerto (+5.7%); and Cresud (+4.7%).
Milei chose the financier Luis Caputo as his Minister of Economy, although He has not yet officially defined who will lead the Central Bank (BCRA) and has not made public what the exchange and monetary strategies he will take upon taking office.
In the last hours, the future Minister of the Interior Guillermo Francos said in journalistic statements that “a reasonable value” of the dollar should be 650 pesos, from the current 363.05 units per dollar, which is trading with a slight daily correction based on the intervention of the BCRA. This differential represents a hypothetical devaluation of 44.2% for next Monday with the reopening of the markets.
“Two exchange rate jumps? The market begins to work with a jump to 640/650 pesos” with the assumption of Milei,” the Bull Market Brokers brokerage said in a report. directed by analyst Ramiro Marra, a Milei activist. “And a second exchange rate jump is not ruled out in February? It would be (a) definitive jump in (exchange rate) convergence,” he added.
Once the fall in the value of the Argentine currency is known, an immediate reorganization of the rest of the exchange markets is expected.
“The correction in the price of the dollar (fall in the peso) will have an almost immediate transfer to prices, the higher the inflation, the faster the ‘pass through’ (percentage of change in import prices) and (for this reason) the commercial opening to contain some prices,” said analyst Christian Buteler.
S&P Merval
For its part, the porteño bag also operates with a bullish biasby purchases in favor of highly liquid stocks. He S&P Mervalearn 4%, 879,046.97 points, with the promotion of energy and financial actions.
In this framework, the shares that rise the most are those of Transportadora de Gas del Norte (+10.6%); YPF (+9.1%); and Grupo Financiero Galicia (+7.8%).
For its part, sovereign debt gained 0.7% as the country risk fell slightly to 1,950 basis points.
Source: Ambito
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