The improvement in the country risk occurs prior to the debate of the Bases law and the fiscal package in the Chamber of Deputies. Despite this, the stock market gives way.
The Argentine stock market falls this Wednesday, June 26 while the Actions that are listed in Wall Street they go down to 7% and the dollar bonds riseso the risk country low. The market keeps its attention on the Voting to be held on Thursday in the Chamber of Deputies for the approval of the Law Bases and the tax packagewhich is promoted by the government of Javier Milei.
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He S&P Merval give in 0.6% to 1,560,927,800 units, in a slow business session, after improving 0.7% the day before. Shares of the leading panel fall up to 1.9%, led by Telecom, followed by BYMA (-1.8%), and Macro Bank (+1.7%). Meanwhile, those that rise the most are Ternium and Mirgor with 2.1%, and 1.3%, respectively.
The stock market falls in the run-up to the debate on the Basis law and fiscal package
The Chamber of Deputies must ratify the half-sanction of the Law Basesruled with the modifications of the Senate, and the tax packagewhich insists on the replacement of the fourth category of Profits and the modification of Personal property. It also includes the possibility that the Executive review tax exemptions.
“The approval of the Bases Law could be one of the drivers that reactivates the rally. However, in the long term and subject to the stabilization of the macroeconomy, companies in Argentina still have a lot to grow in terms of value, since “In constant terms, the Merval would have to practically double to reach the 2018 highs,” he said. Personal Portfolio Investments.
On the other hand, investors also remain expectant at the level of dollar purchases that the Central Bank (BCRA) performs in the market for strengthen their reservesat a time when the parallel dollar rises and reaches a new record in alternative markets due to greater dollarization of portfolios.
Bonds in dollars and country risk
Dollar bonds operate with improvements this Wednesday. They go up to 3%, led by the Global 2029followed by Bonar 2041 (+1.7%) and the Global 2038 (+0.8%).
He risk country gives up 24 units, or 1.6%, to 1,419 basic pointsas measured by JP Morgan.
The Argentine stocks that operate in Wall Street fall to 6.3%, led by Depegar.comseconded by Galicia Financial Group (-3.4%), IRSA (-3%), Southern Gas Carrier (+2.7%).
