Argentine assets closed a trend disparate this Friday, April 25, In a climate where investor optimism was maintained after the implementation of phase 3 of the economic program, and after the support received this week by the US and the IMF to the Plan of the Government of Javier Milei.
He S&P Merval fell per second consecutive wheel, scoring a drop of 0.4% to 2,225,242,800 points.
Thus, the leading actions that retreated the most were: Telecom (-5.1%), Silver Commercial Society (-3.9%) and Bank of Securities (-3.8%).
For its part, the ADRS They finished mixed on Wall Street. The greatest rise was for Macro Bankwith 1%, and the largest decline for Telecom with 3.9%.
Bonds and Risk Country
In parallel, the Sovereign bonds in dollars closed without a uniform trend. The biggest rise was for the Global 2038, with 0.6%, and the largest decline for the Bonar 2030, with -0.4%.
Indeed, The country risk pierced the 700 points and was located at 692 points.
“There is a special interest in the longest sections of the curve, which concentrate the bets of those who provide a higher compression of the country risk. In that sense, the market reads that, if the government advances with the economic road map, the titles still have a way of travel to align with the average of emerging ones,” Economist Gustavo Ber commented.
The main driver remains local: the agreement with the IMF, exchange flexibility and the expectation that the electoral process does not alter the direction of the reforms.
In that context, Investors redoubled positions in pesos in the weekfavored by the recent rearrangement of the exchange rate around $ 1,200 and on the recommendations of international banks that encourage “Carry Trade” strategies.
The demand for importers could press promptly on the financial dollar, but agriculture flows and external interest would provide sufficient supply in the short term. “With the electoral calendar ahead, the market seeks signs that ratify the continuity of the economic program. For now, reading is that social support remains firm and that there is room for new appreciations in local assets”Ber added.
Source: Ambito
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