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The S&P Merval starts the week in the red after reversing the fiscal package of the omnibus law

The S&P Merval starts the week in the red after reversing the fiscal package of the omnibus law

In a day that seems to be intrinsically marked by political decisions, the local stock market extends last Friday’s losses.

The ultraliberal president Javier Milei, who took power on December 10, seeks approval in Congress for state reforms that are rejected by the opposition.

Argentine News

The leading index of the Buenos Aires stock market, the S&P Merval, starts the week down and falls 3%, amid doubts about the progress of the Government to implement a plan to adjust the country’s economy, after the fiscal chapter of the so-called “Omnibus Law” will be eliminated.

Thus, the leading index S&P Merval lost 3%, after losing 2.44% last Friday and setting a historical maximum level of 1,297,640.86 units last week. On Friday, Economy Minister Luis Caputo said that the fiscal chapter will be eliminated to facilitate and accelerate the approval of a broad package of reforms in Congress.

Local actions

In the leading panel of Argentine Stock Exchanges and Markets (BYMA), the biggest falls are for Transener (-5.8%); Transportadora de Gas del Norte (-4.9%), Superville (-4.4%) and Southern Gas Carrier (-4.4%).

The only marginal increase is for the cement company Black Hill (+0.4%).

Argentine shares on Wall Street

Meanwhile, Argentine stocks listed on the New York Stock Exchange (NYSE) operate unevenly, with increases for the ADR of Macro Bank (+2.1%); TGas del Sur transportation company (+1.6%) and for Edenor (+1%). Meanwhile, the declines are for: Grupo Financiero Galicia (-3%); Loma Negra (-1.4%) and BBVA (-1.1%).

“The volatility of the local market will be the order of the day until we know what happens with the law,” said an analyst, adding that “Merval’s movements in the following months are totally tied to politics. “You can have one perspective or another, but denying that they are linked to political development would be a serious mistake.”

The ultraliberal president Javier Mileiwho took power on December 10, seeks approval in Congress for state reforms that are rejected by the opposition.

Source: Ambito

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