The local stock market and sovereign bonds readjusted to the values reached on Thursday and Friday on Wall Street, since financial activity in the domestic market was inactive due to holidays. Parallel, ADRs ended with the majority of increases.
The leading index S&P Merval of the Buenos Aires Stock Exchange fell 1.4%, after losing 0.4% during the last week, which only had two days of operations. The stocks that fell the most were those of BBVA Bank (-5.1%), irsa (-4.9%) and Macro Bank (-2.9%).
“There are many stocks that are below the moving average of 200 wheels and only a few banks remain above the 50 wheels. Everything makes me think that we are going to start a downtrend in the short term that may extend a few weeks,” said a report from Financial Letter.
The ADRsfor their part, closed with a majority of increases on Wall Street, led by the Edenor (-2.9%), YPF (-23%), Telecom (-2.3%), and Supervielle Group (-2%).
Bonds and country risk
In the fixed income segment, dollar bonds closed with falls of up to 3.5% led by the Global 2041followed by the Global 2029 (-3.5%), and the Bonar 2038 (-2.7%).
In that sense, the country risk measured by the JPMorgan rose 1.6% (23 units) to 1,443 basis pointsmaximum in seven days.
“On holidays sovereigns went down in the United States. Therefore Today the market had to adjust that difference and go down to arbitrage. However, we noticed a slight intraday cut in the decline and the bonds end 1% down,” explained this day’s View of the Day by The IEB Board.
For its part, “Bopreales were heavy and fell an average of 50 cents along the curve”they said from SBS Groupwhile sovereign dollar linked rose 2% on average, while dual sovereigns fell 0.5% on average.
“The segment CER continues to be heavy and fell today by an average of 0.5% along the curve, although some specific names ended in green (T5X4, TZXM6). Going to Lecapsthe mystery was finally revealed and Economía will tender this Wednesday a new bill with a minimum rate of 4.25% TEM with maturity 09/30/24″, reported from Grupo SBS.
At closing prices, The Lecaps were performing between 41.46% TNA (June) and 60.20% TNA (March).
