The leading S&P Merval index improved 03% to 83,234.04 points. The leading panel closed mixed. The increases in Cresud (+ 4.2%), Telecom (+ 2.4%), and Transportadora gas del sur (+ 2.1%) stood out. The losses were led by Superville banks (-1.7%), BBVA bank (-1.3%) and Grupo Galicia (-1.1%).
The ADRs of Argentine companies closed mixed on Wall Street and were led by Despegar (+ 7.8%), Globant (+ 3.1%), and Edenor (+ 2.9%).
The Argentine Chamber of Deputies rejected the 2022 budget bill sent by the Government of President Alberto Fernández, a key step in the negotiation that the country is carrying out with the International Monetary Fund (IMF) for a hefty debt of about $ 45,000 million.
“A complicated day for our square, because Congress is not good as an image when it is necessary to bring positions closer to the IMF, but to this are added the external doubts due to the rate hikes and the advance of the omicron variant (of Covid-19), “synthesized Armando Rojas, an analyst at a private consulting firm.
The economist Roberto Geretto tied the stock market move “more to the fall in financial dollars, since the value of ADRs in pesos falls (…), and in dollarized bonds I attribute it more to the external context”.
The Government will extend the current budget to govern next year, confirmed the Minister of Economy Martín Guzmán via Twitter, where he acknowledged that the legislative reality “affects the negotiations” with the IMF. The managing director of the Fund, Kristalina Georgieva, stated prior to the closing of the markets that she had a “very good meeting” with President Fernández via videoconference.
Source From: Ambito
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