The ADRS gave up to 3.5% and the S&P Merval in dollars fell for the first time in eight days

Argentine actions stopped their positive dynamics this Thursday, May 15 and yielded up to 3.5% in Wall Street, which influenced the performance of the S&P Merval in dollars, which fell for the first time in eight days. At the same time, the dollar bonds fell to 1.8% and increased the country risk.

The leading Byma panel He yielded 0.1% in pesos at 2,298,473.10 points, while The S&P Merval in dollars fell 0.7% to 1,971.18 points, after approaching 2,000 points on the previous day.

The biggest profits of the day belonged to Transener after a good corporate balance (7.3%), northern gas transporter (5.8%) and southern gas transporter (4.7%). Bank of Securities (-2.9%), BBVA (-2.8%) and Supervielle Group (-2.2%) fell.

In turn, Argentine papers They fell to 3.5% on Wall Street, headed by banking companies: BBVA (-3.5%), Supervielle Group (-2.8%) and Banco Macro (-2.4%).

For their part, they went up Northern Gas Transporter (3.6%), Loma Negra (0.9%) and Mercado Libre (0.8%).

Bonds and Risk Country

In the fixed income segment, the sovereign debt in dollars fell to 1.8% and the most affected titles were The Global 2030, the Global 2041 and 2046 (-1.2%). Thus, the country risk measured by JP Morgan bounced above 650 points.

Recently the Minister of Economy, Luis Caputo, said that the Government will encourage Argentines to use their dollars saved and mostly not declared estimated at $ 200,000 million, to support economic activity. The announcement was expected, a day after the April inflation fact of 2.8%below the estimates of specialists. However, the spokesman Manuel Adorni confirmed that he was not going to avoid electoral misunderstandings.

“We are optimistic about the uninflationary process and the gradual reduction of the interest rates of the economy,” Delphos Investment said. “In line with this, for those who are willing to assume exchange risk we see with good eyes the bonds in pesos, backed by exchange stability and a gradual fall in rates,” he said.

“April inflation surprised down and stood at 2.8% monthly, below the market consensus, showing that the pass This at prices of the monthly progress of the official dollar was low. That said, it must be noted that part of the March inflationary acceleration was due to the worsening of devaluation expectations that month, which led to some” anticipated “increases.

Likewise, looking at the March-April Bimester, the Pass Through was very limited in relation to past exchange rate events. Forward, with respect to inflationary dynamics, investors will closely looked at the dynamics of external accounts and the accumulation of genuine net reserves, especially in the third quarter once the thick harvest is over. Measures such as reducing tariffs or taxes could add to disinflation, such as those announced this week compared to some technological products, ”contributed Juan Manuel Franco, chief economist of Grupo SBS.