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Stocks and bonds sink up to 3% due to political tensions

Stocks and bonds sink up to 3% due to political tensions

The Argentine stock market operates lower at the opening on Wednesday, in a selective business market, given a context focused on the next steps that the Government will take after a massive university protest over cuts to education.

Congress must begin to discuss in committee a broad decree promoted by the ruling party that seeks to deregulate the economy, cut expenses and open the market among other pointswhich was rejected by the Senate and must now be debated in the Chamber of Deputies.

The improvement in the price of the shares will depend on how much the companies earn, with the current economic policy we do not know what can happen to business profits, since we are far from a tax cut and we are going through a harsh recession“said the analyst Salvador Di Stefano.

In the Leading Panel, the casualties are led by Supervielle Bank (-3.6%); Aluar (-2.5%); BBVA Argentina (-2.4%) and Northern Gas Carrier (-2.4%). Meanwhile, the increases are for Edenor (1.4%); Loma Negra (0.6%) and Ternium (0.4%).

ADRs

The shares of Argentine companies listed on Wall Street follow the local trend and sink up to 4%. The cuts are led by Central Port (-4.1%); Supervielle Bank (-3.2%); Pampa Energy (-2.2%) and irsa (-2%).

Bonuses

Bonds nominated in dollars extend the loss of profits from the previous session and fall up to 2.5%, so the country risk rises a few units to 1,173 points.

The hard currency bonds that lost the most are GD38D (-2.5%); GD29D (-2.4%); and the AE38D (-2.3%). Meanwhile, the increase is for GD46D (4.9%) and for CO26D (1.2%).

Source: Ambito

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