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S&P Merval extends bullish trend and ADRs climb up to 5.5% on Wall Street

S&P Merval extends bullish trend and ADRs climb up to 5.5% on Wall Street

The local stock market advanced 3.8% in pesos, and 2.2% in dollars, on a day marked by the national strike organized by the CGT.

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The leading index of Argentine Stock Exchange and Markets (BYMA), the S&P Mervalextends the rise that began this Wednesday after an abrupt fall on Tuesday in which it cut the streak bullish trend that held for six sessions in a row. Although the market remains attentive to what happens in Congress regarding the economic plan proposed by Javier Milei.

Thus, the local actions that rise the most are: YPF (+4.4%); BYMA (+3.3%); and Galicia Financial Group (+4%). At the moment, there are no stocks in the red on BYMA’s leading panel.

Regarding Milei’s economic plan, economist Gustavo Ber stated that, “it could be considered a political triumph for the government in this initial stage, as support to continue promoting reforms that contribute to improving investor confidence.”

Argentine shares on Wall Street

For their part, the Argentine papers listed on the New York Stock Exchange (NYSE) present a majority of gains, led by the ADR of the Macro Bank (+5.2%); Galicia Financial Group (+4.5%); YPF (+4.1%), IRSA (+4%) and Southern Gas Carrier (+3.8%).

Among the casualties are the assets of Ternium (-0.5%); the action of Mercado Libre (-0.2%); and the role of Despegar (-0.1%).

Source: Ambito

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