In the Buenos Aires stock market, the S&P Merval index closed stable at 88,042.62 points, after giving up 0.43% in the previous round.
In the leading panel, the main increases corresponded to Grupo Financiero Valores (+5.4%), Cablevisión (+2.6%), and Cresud (+2.4%). For their part, Pampa Energía (-2%) Aluar (-1.1%) and YPF (-0.9%) led the declines.
Argentina must pay some US$2.9 billion to the IMF in March, when the Central Bank’s net reserves are at a zero or negative level, according to analysts, which would force Congress to deal with what was agreed by President Alberto Fernández before that date.
Is required “a plan, a roadmap, (this) is central to achieving our goals. There are many ways to achieve our goals, but the focus must always be on ‘what we do it for'”said in a report Slomit Milchiker and Pablo Besmedrisnik, directors of VDC Consulting.
“The analysis of the president’s words and his position regarding the conditions of the agreement will be key. Let us remember that the treatment of the agreement is given against the clock given the ‘deadline’ on March 21 with payments of US$2.8 billion to IMF”said the consulting firm Portfolio Personal Investments (PPI).
He added that “For now, the expectation is that the opposition supports the approval and that the toughest wing of the ruling party abstains from the vote, avoiding a disruptive scenario of a break with the IMF.”
Economy Minister Martín Guzmán confirmed that he will not attend the G-20 summit to finalize technical details with the Fund’s staff. From then on, the head of the Treasury must travel to Washington to sign the letter of intent and wait for the agency’s board of directors to approve it.
Thus, in the market it is calculated that the project will enter Congress for its treatment during the first days of Marchafter Fernández’s speech at the opening of the 2022 ordinary sessions.
Bonds and country risk
In the fixed income segment, securities denominated in foreign currency closed with the majority of increases, while the country risk prepared by the JP.Morgan bank for the second consecutive day: fell 1.9% to 1,768 basis points. In this context, the Bonar 2038 gained 1.5%, the Global 2030 added 1.3% and the Bonar 2035 fell 2.3%.
According to Gustavo Ber’s analysis, “bonds are inclined towards a positive response” beyond the fact that operators continue to show greater caution for bonds in dollars and, instead, “In the current economic-financial context, they continue to favor those adjustable by CER and dollar-linked”.
Source: Ambito
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