Traders are not ruling out quick profit taking given the price increases with the start of December.
The The market is optimistic about the proximity of an agreement with the IMF, at a time when there is an Argentine mission in Washington, made up of officials from the Ministry of Economy and the Central Bank (BCRA), which seeks to bring positions closer to the multilateral credit organization.
In a regional conference organized by the Eurasia Group, Juan Sebastián González, director for the western hemisphere of the USA, said that “the IMF has learned that you cannot always use a model to prescribe macroeconomic policies in a political environment, you have to recognize the internal context , factor endowment, at the end of the day Argentines have to come up with a plan. “
“Both parties must reach an agreement that is solid on its merits,” he said, estimating that “it could be transformative for Argentina and our bilateral relations.”
In parallel, local assets were also benefited in recent days by a lower aversion to risk at the international level as a result of greater tranquility in relation to the Omicron variant of Covid-19.
During the holiday, Argentine stocks listed on Wall Street (ADRs) halted their positive streak on Wednesday and closed unevenly, despite favorable expectations of an agreement with the International Monetary Fund (IMF) and a better financial climate globally.
The papers began the day with new earnings but they were deflated with the passing of the hours. The increases were led by the shares of Globant (+ 5.9%), Telecom (+ 2.7%) and Mercado Libre (+ 2.7%). At the other extreme, the main drops were recorded in Loma Negra (-3.3%), Edenor (-3.2%) and Irsa (-3%).
Beyond the greater calm of this session, ADRs accumulate important increases in the few days that elapsed in December, led by energy sector firms such as YPF (+ 16.5%), Transportadora de Gas del Sur (+ 16.1% ) and Pampa Energía (15%).
In this scenario, Argentina’s Country Risk, measured by the JP Morgan bank, operated stable at 1,698 basis points, close to pre-electoral levels.
Source From: Ambito
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