The agreement with the IMF, together with other commitments achieved with international organizations such as the World Bank, contributed to improve the market mood. Also positively influenced Exit from exchange rate and the adoption of a new flotation regime for the dollar. These factors renew the expectations of savers, promoting the Recovery of Argentine assets and reactivating interest in Wall Street. While City analysts still do not see large foreign investments in the real economy, if some signs begin to be seen in the share market.
Delphos Investment analysts highlighted strong increases in recent weeks and an important rebound in operated volumes.
“Many Argentine assets have registered important increases since the beginning of last week. Favored both by a positive international context and by optimism derived from the electoral results in some provinces, they managed to enhance those increases, with daily returns that in some cases exceeded 8.0%. Beyond the performance in prices, it is also relevant to highlight the increase in operated volumeswhich could be indicating a significant income of foreign capitals through certain ADRs. For example, the daily volume operated by Pampa Energía (PAM) was 150% higher than the average of the last 20 wheels; In the case of YPF, the increase was 114%, and in Central Puerto (CEPU), of 106%. “
Local foundations seem to remain favorable for Argentine assets. An example is that Bank of America (Bofa) continues to bet on the region and, in particular, suggests to overcome papers from Argentina.
He American investment bank assigns Argentine shares 6% of its Latin American portfolioalthough the MSCI Latam index assigns 0% to the South American country.
In fact, the number assigned to Argentina is even larger if it is taken into account that Bafa suggests assigning 3% of the portfolio to MercadoLibre Inc. (Meli) papers (Meli)but does not consider the Marketplace giant an Argentine company, but Brazilian. Perhaps this is because Meli was born in Argentina, but today Brazil is its main market.
Beyond mercadolibre, Bofa assigns 3% to the Argentine Holding Grupo Financiero Galicia and another 3% to the Argentine Energy Company Pampa Energía.
In this scenario, Although the rebound is still far from the rage lived in 2024, local foundations remain solid for Argentine assets. Even so, its evolution will depend on the continuity of a favorable external environment, given the high correlation of these instruments with US risk assets and, particularly in the energy sector, with the international oil price.
Source: Ambito
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