On this holiday at the local market, Argentine papers fell in global markets. The bonds registered a retraction of around 0.2%, after having shown sustained increases last Thursday and Friday following the approval of the Bases Law in the Senate.
The negative trend was felt in the shares, which had already begun to fall last Friday, when a correction in prices after the jump of up to 11% that they had on Thursday after approval of the law.
The most marked declines were recorded by Transportadora Gas del Sur and Edenor with 4.6%. With declines greater than 4% were Supervielle, Irsa, Pampa Energía and Central Puerto.
Only Tenaris was saved from the collapse with an increase of 2.3%. So far in June all ADRs are in the red, with Cresud showing the worst result with a decline of 17%.
In these falls, Argentine assets distance themselves from what happens with North American assets, with the Dow Jones rising 0.5%.
“The main ADRs register average decreases of 1.5%, with the correction having its epicenter in banking and energy paperssince they continue to be those preferred by operators to quickly manage exposures,” indicated economist Gustavo Ber.
“Bonds are also weaker and so they lose an average of 0.2% in their dollar prices among the main references with NY legislation, even though the analysis of positive scenarios that would leave a strong upside if the ordering of the economy is extended among investors,” he noted.
“During the local holiday, ADRs and bonds in dollars appear more cautious after the positive reaction unleashed by the approval of the Bases Law and the fiscal package, even though some relevant chapters must continue to be discussed in Deputies, since it is considered a political and also economic victory to consolidate the fiscal balance,” Ber added.
Global markets
Interest rates are once again the focus of the market this week, and in the United States operators await comments from Federal Reserve (Fed) officialswhich last Wednesday once again kept rates stable.
At the corporate level, technology giants Amazon and Alphabet rose 0.3% and 0.2%, respectively, while Nvidia – the ‘pretty girl’ of Wall Street – fell 0.7%.
Microsoft, Apple and Nvidia – in this order – are now fighting for first place in the classification of companies with the highest value in the market; the three companies exceed 3 billion dollars in market capitalization, with such slight differences that the ‘podium’ can change at any time.
The London Stock Exchange fell 0.06% this Monday, on the same day that it was known that it has surpassed that of Paris to position itself as the largest market in Europe by capitalization, by reaching 3.2 billion dollars, according to Bloomberg calculations.
