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The S&P Merval falls sharply, dragged down by the CCL dollar and political noises

The S&P Merval falls sharply, dragged down by the CCL dollar and political noises

The Buenos Aires stock market cuts the bullish trend of the last rounds and falls sharply in the last session of the week, dragged by the decline of the CCL dollar and the political noises between President Javier Milei and the governors.

The S&P Merval index of BYMA lost 2.1% to 1,257,680 points. The most pronounced falls were recorded in the shares of Telecom (-5.1%%); BYMA (-4.9%); and Supervielle (-4%).

Meanwhile, the actions that resist the negative trend are: Mirgor (+1.8%) and Transener (+0.7%).

The negative trend in the local stock market occurs in the midst of a turbulent political and economic context. President Javier Milei, who assumed power on December 10 without a majority in Parliament, seeks Congressional approval for profound reforms of the State.

“The promise of financial balance and structural reforms are fundamental pillars of the current economic program. Although good intentions are not enough to fulfill this and the political support of Congress will be necessary,” warned the Freedom and Progress Foundation.

Next week the Chamber of Deputies will discuss the bill that proposes changes to the tax system, the electoral law and debt management, in addition to declaring an economic emergency.

It is expected that in the coming days negotiations will continue with the dialogue opposition blocs and with the governors to prevent several of the central articles of the project from being rejected, such as the increase in withholdings, the modification of the retirement mobility formula and the delegated powers.

Argentine shares on Wall Street

For their part, the Argentine papers listed on the New York Stock Exchange (NYSE) present a mixed trend, with increases led by Free market (+3%); Globant (+1.7%); and BBVA bank (+1.2%).

Among the biggest declines are the assets of Supervielle (-3.1%); IRSA (-2.2%); and Take off (-2.1%).

Source: Ambito

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