The S&P Merval rises slightly 1.4% to 1,488,010.90 points, after gaining 4.2% last week and setting historical maximum levels in pesos.
The porteño bag recovers after two consecutive declines last week, in the midst of the waiting period imposed by investors given the political obstacles in the Senate that prevent progress on the Bases Law. At the same time, Argentine sovereign bonds start with declines in line with the emerging markets.
The S&P Merval rises slightly 1.4% to 1,488,010.90 points, after gaining 4.2% last week and setting historical maximum levels in pesos. However, in the last two days of last week, the stock market had fallen more than 1%. The 1.5% gains are led by Grupo Financiero Galicia (GGAL), Supervielle (SUPV) at 1.2% and Mirgor (MIRG) 1.1%. On the other hand, Transportadora Gas del Norte (TGNO4) fell by -2.5%, Transener (TRAN) -2.1% and Telefónica (TECO2) by -1.3%.
“Domestic assets continue to respond with expectation since investors wait to know the times, and the possible modifications with which it could return to Deputies, in the legislative treatment of the Bases Law and the fiscal package,” said economist Gustavo Ber.
“This is because said approval becomes an important step for reforms and fiscal sustainability, in addition to providing signals of greater political consensus and governability to continue advancing in the organization of the economy,” he added.
The Senate deals in committee with the ‘Bases Law’ and the fiscal package with modifications to the original project.
Bonds and country risk
For their part, in the fixed income segment, dollar bonds operate with drops of up to 3.6% led by the GD29D (-3.6%), GD38D (-3.3%) and the AL38D (- 2.1%). However, the strong rise in GD41D of 5.2% stands out.
In this way, the country risk measured by JPMorgan operates with an increase of 0.24% to 1,266 basis points.
Source: Ambito
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