The S&P Merval finds no apartment: it suffered its worst daily fall in two months, dragged by banks

Within this panorama, the S&P Merval It sank 4.4% to 2,126,915.34 points, the most important setback since the beginning of April. Thus the actions that lower were those of Macro Bank (-6.8%); BBVA Bank (-6.7%); and Supervielle Group (-6.4%).

In Wall Street, meanwhile, Argentine actions up to 7.4%collapsed, with lidies led by Macro Bank. They followed him Supervielle Group (-7.3%); and BBVA Bank (-7.1%).

The actions fell mainly because there was so far this month.

In the market they link this strong decline of the shares – that suffer in the month of an exit of almost $ 41,000 million – prncpaleminte to two central facts: Change in investment flows and poor performance of the banking sector.

“Capital is migrating from the Variable Income to fixed income, taking advantage of high rates and opportunities in the Carry Trade. Investors seek more immediate security and profitability. On the other hand, the banks of the banks did not convince and, as the entities have a lot profits “, I point out Alan Mac Carthy, CEO of Front Investments.

“Most of the current operation is in dollars. In the future, if the rates remain high and the situation of credit in pesos does not improve, the bearish pressure on the shares is likely to continue, especially in sensitive sectors such as the bank,” he added.

For his part, Pablo Repetto, Head of Research from Aurum Securities, said “The actions not only do not improve, but the days they have to upload do not and other days go down strongly. I think the chosen exchange scheme does not like the market where the government forgets to generate` buffers’ of protection for shocks. “

“In addition, the scheme is generating an adjustment of margins that require cost review and increased productivity that will not be easily achieved,” He warned.

Metrastas so much, a mission of International Monetary Fund It will reach the Argentina In the coming weeks to advance in a review of the fulfillment of goals, within the framework of the new program by U $20,000 million which agreed with the government in April of this year. The review is expected to be carried out in the first days of Julywhich postplaces the evaluation of the reservation goal that was initially planned for the June 13 next.

This date change will give the Government a greater period of accumulating the U $ 4,000 million that needs to achieve the objective set in the agreement. The new program with the IMF established that the Net International Reservations (RIN) They had to reach U $ S-500 million From the area of U $ S-4,900 million in which they were March 31 last.

Bonds and Risk Country

The Bonds in dollars They quote with a majority: the main ones are recorded by the Global 2029 (-0.9%), the Global 2038 (-0.6%), and The Bonar 2029 (-0.6%).

In turn, the country risk, which measures JP Morgan, closed on Tuesday 668 basic points.

One of the notes of the day was given by the Bonte 2030 or Ty30p, which had its first day of price in the secondary market: He climbed 8.8% at $ 108.85. “As we had pointed out, the expectation that there are upcoming offshore reopenings of this instrument given the need for the BCRA to accumulate reserves for the fulfillment of the goal with the IMF, make it an instrument with liquidity and demanded by the market,” Alan Versalli commented, Research Analyst of Capits Capital.

For its part, Alejo Rivas, Strategist in Balanz, he remarked that the new 2030 bond closed with a 28% tir. “This is in line with what we expected, that is, a rate between 27% and 30%. What caught our attention was the liquidity that it had, despite being a relatively small emission and highly concentrated by external holders. We believe that it is an attractive instrument for bold investors. At these levels, the rate is attractive for those who have an optimistic perspective with respect to inflation and the economic program in general.”