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Argentine financial assets They continue to be punished in the international market. Even without local activity due to the holidays associated with Flag Day, the shares of local companies and debt bonds replicated this Thursday’s scenario and registered falls that in some cases exceeded 3%.
It is a context that maintains the negative trend that was registered on Wall Street on Thursdaywith declines in the papers of the main Argentine firms that are listed abroad, while No operations are recorded in the domestic market.
The main declines among ADRs of local firms operating on Wall Street They occurred in energy companies and in the financial sector. Among the hardest hit were Grupo Financiero Galicia (2.8%), Edenor (2.4%), Banco Macro (2.3%), YPF (2.2%), BBVA (2.2%), Central Puerto (1.8% ), Transportadora Gas del Sur (1.7%) and Banco Supervielle (1.6%).
They also operate in red Irsa (3.3%), Telecom (2.2%) and Loma Negra (1.3%). Despite a start in the red, shares of Free market and 2.2% those of Globant and 4.1% those of America Corporation.
“We should not look at the movement of assets only in the short term, but rather analyze what has been happening recently. In that sense, we see that Argentine assets had risen in dollars really a lot, mainly due to the change in expectations, they reached a ceiling and what we see is that in recent weeks they began to fall,” explains the financial analyst. Christian Butler, when explaining the factors behind these swings.
The thing is Javier Milei’s electoral victory generated a wave of optimism among local and foreign investors, which was replicated in a strong rise in bonds and shares of Argentine companies in the country and abroad.
The Government advanced in some of its initiatives, such as the adjustment of public accounts or the recomposition of the Central Bank balance, two factors well received in the market, but at the same time it encountered some political problems and difficulties in Congress to advance its tax reform plans, tax changes and the sanction of the Bases Law.
“In the middle, There were news stories that sparked a positive reaction, but they were generally sales opportunities. For this reason, when the Bases Law came out in Deputies, the market reacted positively because it was something expected by the Government, and it is logical, because it could show governability, but the market’s positive reaction lasted 48 hours. The same thing happened now with the Senate, there was a positive reaction, but then we returned to correct it. So, what we see now is a correction after a strong rise in recent months,” explains the analyst.
For Salvador Vitelli, a specialist in financial markets, there is a combination of factors behind the movement of financial assets in recent days, between the taking of profits and the delays faced by the Government in its initiative to sanction the Bases law. “Besides, Those that are receiving the greatest punishment are the banks that had risen the most since the runoff”, completes the accountant, head of Research at Romano Group.
Without operations in the exchange market, the crypto dollar, which is obtained by purchasing stablecoins and other cryptoassets that follow the value of the dollar, operates at $1,309.
On Thursday, almost all the shares of Argentine companies had closed the day negative, led by BBVA (8.4%), Macro Bank (-6.9%), the Galicia Financial Group (-5.2%), irsa (-4.9%) and Telecom Argentina (-4.9%).
“Operators remain attentive to the new political and economic stage that could open after the Bases Law and fiscal package,” said Gustavo Ber, economist at Estudio Ber, when analyzing the movements in the prices of local assets in the international market.
