The leading stock index S&P Merval extends yesterday’s bearish path by -1.7% to 88,127.66, after losing 1.9% in the previous session and accumulating a rise of 6.34% in the three previous sessions.
“The repercussions of Máximo Kirchner’s resignation from the presidency of his bloc in the Chamber of Deputies continue, while the government intends to have the agreement with the IMF closed by March,” said the SBS Group.
“After the announcement of the agreement with the IMF and some political missteps that caused a certain amount of uncertainty about the understanding, the expectation is inclined towards Congress in March in good spirits”, expressed Javier Rava of Rava Bursátil.
For its part, as for the papers listed on the New York Stock Exchange, they operate in the red led by Mercado Libre with 2.9%. YPF (3.7%), Ternium SA (3.2) and lastly, IRSA (2.4%) also fell. Among the increases are Edenor (2.9%) and Telecom Argentina (0.2%)
The market looks expectantly at what may happen in Congress, since it requires local approval and the staff of the credit institution. The principle of agreement, has a duration of two and a half years, involves a “gradual” reduction of the fiscal deficit and foresees that international reserves grow by US$5,000 million in 2022.
“The strength of the agreement did not end up eliminating all doubts, although the signs of the event are totally positive, caution before acting is still present because there are still economic unknowns to resolve and an agreement to finalize”Rav added.
Less than a week after announcing the understanding with the IMF, President Alberto Fernández said during his visit to Russia that Argentina must abandon its “dependence” on the United States and the International Monetary Fund (IMF).
Argentine bonds operate mixed in a reduced and selective business market, while the risk country prepared by the JP Morgan bank fell 0.8% to 1,740 basic points.
At fixed income segment, sovereign bonds in dollars rose up to 3.1% led by the Global 2046, followed by the Bonar 2029 (0.2%). Regarding the decreases, one of the most liquid, the Bonar 2030 falls 2.1%, followed by the Global 2035 (1.7%), Bonar 2038 (1.3%) and the Global 2030 (1.1%). ).
“The strength of the agreement did not end up eliminating all doubts, although the signs of the event are totally positive, caution before acting is still present because there are still economic unknowns to resolve and an agreement to finalize,” said Javier Rava , from Rava Bursátil.
“The continuity of the pressure on the net reserves (of the central bank) continues to accentuate concerns, pending reimbursements by the IMF in search of strengthening said position and thus perhaps being able to accelerate with greater determination the pace of the ‘crawling-peg ‘“said Gustavo Ber, from Estudio Ber.
Source: Ambito
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