For its part, the S&P Merval stock index lost 0.9%, to 87,393.09 points, after falling 1.2% the day before, conditioned by the fall in financial exchange rates. In the leading panel, the main decreases corresponded to Transportadora Gas del Norte (-3.7%), Transportadora Gas del Sur (-2.7%) and BBVA bank (-2.3%). The increases were led by Cresud (+2.5%), BYMA (+1.3%), Loma Negra and YPF (+0.5%).
The market analyst, Santiago Llull, in dialogue with Ámbitohe said: “It was a day where the ADRs traded in a mixed way in the US, at the local level today’s day did not show too much volatility. The prices did not mark large amplitudes and this shows the little interest in these assets and is ratified by looking at the volume traded in pesos.. The Merval falls again and stands at approximately 87,400 points, and measured in dollars, the Merval rises due to the effect of the CCL exchange rate and reaches US$410.”
Llul also assured that “the volume traded today was very low the GGAL share traded 155 million pesos while the next in descending order was YPFD with only 46 million pesoss (about $225,000). The panel of leading stocks showed a large majority of assets in red”. And he closed: “The most interesting thing of the day is the decline suffered by the stock exchange rates and the MEP, which is achieved at 205 pesos, is attractive”.
For its part, José Bano, Research Manager at Inversión On Line, in dialogue with Ámbitor, he analyzed: “The Merval had another red wheel. If you see, of the last six wheels, five ended in red. It seems more negative than it is in terms of percentages. We have seen a drop in dollars. The MEP and the CCL are down. That helps to loosen the prices of Argentine companies. The Merval exceeded 91,000 points, a local maximum, when the pre-agreement with the IMF emerged. From there it loosened with a 4% drop.
“It is notorious how well Cresud is doing, the ADR in the last four wheels rose 14%, in dollars. It is to be highlighted”, bathroom closed.
Bonds and country risk
In the fixed income segment, dollar sovereign bonds closed with most losses. The greatest decrease was for Bonar 2029 (-1.8%), while the greatest rise was registered for Bonar 2038 (+2%).
The country risk rose 0.1% to 1,773 basis pointsafter ending a streak of three consecutive raises on Tuesday.
“Bonds continue to fall, especially measured in pesos and only some green in its dollar version”, analyzed the day Santiago Llul. For his part, José Bano, manager of Research at Inversión On Line, assured that “they have not been performing well. They had had a recovery when the pre-agreement came out, it was very short term, a couple of days of rise and they began to fall”.
“In recent weeks, CER bonds had come from a notorious rise. TX26, had risen 20% in a month and a half, the recovery was very strong. Now they stopped. We see that the dollar linked bonds had been rising and began to adjust. Now the yields allow you to enter,” Bano analyzed the fixed income segment in pesos.
Source: Ambito
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