Days after treatment Base Law in the Chamber of Deputies, the markets once again face a dark day this Monday, after the collapse they had already suffered last week. Thus, they are affected by the rise in financial dollars and the risk countrythe fall of Merval and of the dollar bonds and a mostly negative trend for Argentine shares on Wall Street (ADRs).
In this sense, the leading index S&P Merval falls 3.27%, to 1,524,790.65 units, after losing 0.37% during the only two business days there were last week. The main losses occur in the roles of Supervielle Bank (-5.4%), Northern Gas Transport (-4.9%), Macro Bank (-4.8%) and Telecom (-4.8%).
Meanwhile, the MEP dollar rises 1.6% this Monday to reach 1,293 pesos, while the dollar counted with settlement (CCL dollar) rises 1.2% up to 1,307 pesos. He Dolar bluefor its part, shows a growth of 25 pesos so far this day, and is trading at 1,325 pesos in the illegal market.
For their part, the ADRs they operate mixed: they go down BBVA (-1.8%), Galicia Financial Group (-1.8%), Macro Bank (-1.5%) and Cresud (-1.9%), among others. On the contrary, they operate upwards Edenor (2.2%), Tenaris (2 and Globant (1.5%), although in the case of energy companies after a sharp drop on Thursday of last week.
As for the bonds, those issued in dollars fall up to 4.3%, among them the Bonar 2035; Bonar 2029 also drops (-3.9%) and the same happens with Global 2038 (-3.2%). As a consequence, the index risk country For Argentina, measured by the JP Morgan bank, it rises to 1,431 basis points on the day.
“In a key week for the Government, the focus of attention will continue on Congress, since the Chamber of Deputies must ratify the half sanction of the Base Law and the tax package of the Senateor persist with the original version,” evaluated the society of Bridge Bag.
Last Thursday, Argentine shares on Wall Street (ADRs) had a black day, with widespread declines reaching up to 7% after noon. The withdrawal occurs within the framework of the expectation for the final sanction of the Bases Law, the pressure from the IMF for the lifting of the stocks and the delays in paying Camessa’s debt.
Some analysts consulted by El Destape considered that, last week, The declines in the banking and energy sectors dragged down other companies. In the case of the banks, given the possible refusal to lend funds to the Treasury despite the intentions of the Minister of Economy, Luis Caputo. And to the energetic onesin view of the Government’s delays in paying CAMMESA’s debtdespite the fact that they had accepted the official proposal, with reduction included, two months ago.
It is within this framework that the IMF factor also comes into play. “Looks are directed at possible future adjustments in the monetary and exchange rate scheme towards a new program with the IMF that can provide fresh funds that contribute to moving towards an exit from the stocks, which would become a key ‘driver’ for investors,” explained financial analyst Gustavo Ber.
