Hear
After six months of waiting, last night the Government obtained the necessary votes to pass its first mega-law in Congress. The Deputies even insisted on the modifications to Income Tax and Personal Property, an initiative that seeks to support State revenues in order to consolidate the fiscal surplus. However, although sovereign debt bonds respond with some increases, the Buenos Aires stock market falls and financial dollars rise.
In the first negotiations of the day, most sovereign debt securities operate in positive territory. The Bonares advance 0.3% (AL29D) and the Globals, up to 1% (GD29D). This impacts on the risk country, index developed by JP Morgan, which measures the difference paid by American Treasury bonds compared to other countries. Today, it has dropped nine units and is located at 1436 basis points (-0.62%).
“Although the first reaction is somewhat moderate given the vast support that the ruling party’s projects finally had, The positive result was already found in prices, so these movements are logical. In this sense, the Globales could show more forceful returns as the days go by, since this outcome improves the short/medium term outlook,” said the analysts at Portfolio Personal de Inversiones (PPI).
Even, The Buenos Aires stock market falls 1.4%, in a day marked by profit taking. In the main panel, Central Puerto’s papers show a drop of 2.4%, followed by BBVA (-1.3%) and Banco Macro (-1.1%).
The same happens with the Actions Argentine stocks listed on the New York Stock Exchange (ADR), after they closed the session yesterday with increases of up to 7%. Today, the shares of the Galicia Financial Group fell by 3.5%, followed by the BBVA (-3.5%), Central Port (-2.7%) and the Macro Bank (-2.4%).
“Beyond the approval of the law, yesterday’s victory gives the ruling party a greater degree of ‘governance’, which has a positive impact on investors by paving the way for the Government to be able to implement the measures it considers necessary. to recover the Argentine economy. But the market also knows that the rate of foreign currency acquisition by the Central Bank has decreased significantly at a time of the year when the opposite should happen. And the elimination of the exchange rate is still expected, although the Government announced that there is no defined date in this regard,” said Ignacio Morales, an analyst at Wise Capital.
This Friday, financial exchange rates tend to rise. MEP dollar is trading at $1,341.04, a daily advance of $9 (+0.7%). He cash with settlement (CCL) climbs $7.35 and reaches $1353.05 (+0.6%). During the week, they accumulated a price of $67.2 (+5.3%) and $61.4 (+4.7%), respectively.
On the other hand the Blue dollar is sold at $1345 in the caves and trees that operate in the City porteña. Although today it fell $10 compared to the previous close (-0.7%), in the last five trading sessions it accumulated an advance of $45 (+3.5%).
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