The Buenos Aires bag moderates advance this Friday, March 22, but the bonds do not stop their bullish rally and they climb up to 4%, which is why the country risk drops and pierces 1,450 basis points, to hit a 3-year minimum (February 2021).
The euphoria for the stock market is orchestrated by several factors, including the surpluses twins (commercial and financial) for the second consecutive month in February. That is to say, The national public sector recorded a primary fiscal and financial surpluswhile The trade balance also showed a positive balance.
On the other hand, the decision of Central Bank (BCRA) to lower the reference rate of the economy and of passive passes from the 100% annual to 80% annual. In parallel, the elimination of the minimum rate for term placements, so that each bank can choose at what level it remunerates fixed terms. Motivated by these changes, many fixed rate investments were no longer attractive which boosted risk appetite.
At the international level, the recent decision of the US Federal Reserve to keep interest rates stable was welcomed by global markets. The entity still hopes to apply three rate reductions which would positively impact equity assets and therefore also in emerging markets.
“Not only is the fiscal surplus, to which the commercial surplus is added, exciting, but also the monetary squeeze and the positive impact on the exchange rate calm. Even though investors recognize that the road to normalization is long, they appreciate that the direction is correct,” he explained. Gustavo Ber by Studio Ber.
As for what could come in the coming months, the economist assured that “it raises great expectations an eventual release from the stocks in the coming monthsan event that could act as an important drivers to give sustainability to the process since it would virtuously feed back the perspectives”.
S&P Merval: rises for the sixth round in a row
The leading index S&P Merval The Buenos Aires stock market climbs 0.2% and is heading for a weekly increase of almost 15%, thus approaching the record of 1,334,440.11 points recorded at the beginning of February.
In the leading panel, stocks are trading mixed, those that increase the most are banking stocks: Supervielle Group (+3.9%), Macro Bank (+2.9%) and BBVA (+2.6%). For their part, those that decrease the most are those of Mirgor (-23%), BYMA (-1.9%) and IRSA (-1.6%).
As for the Argentine stocks in Wall Street maintain a similar trend to those of the Buenos Aires stock market, those that advance the most are the banking companies and those that fall the most are the IRSA (-2%), Loma Negra (-1.4%) and Bioceres (-1.1%).
Dollar bonds moderate bullish rally
On the local stock market, bonds are trading mixed: those that climb the most are Global 2046 (+4%), the Global 2029 (+2.4%), and the Bonar 2029 (+0.5%). Meanwhile, those that decrease the most are
For his part, the risk countryan index that measures JP Morgan, lost 1.6% and stood at 1,445 points, minimum in 3 years, since February 2021.
As for the peso bonds operate with generalized profits, CER debt those that rise the most are TX26 (+3.3%), the TX28 (+2.3%) and the PARP (+1.5%). For their part, the dollar linked T2V4 (+1.6%) and TV24 (+0.4%) advance.
Source: Ambito
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