Annabella quiroga
11/09/2020 11:42 AM
Clarín.com
Economy
Updated 11/09/2020 1:00 PM
This Monday the blue dollar continued to fall: it falls another four pesos and is trading at $ 153. In this way it completes
a collapse of $ 42
compared to the $ 195 that it had touched in October.
At the opening of the week, the market is carried away by the
"good news"
, which causes a sharp drop in country risk, the JP Morgan indicator that measures the excess rate that Argentina should pay for borrowing.
This Monday it yields 5.4%, to 1,316 basis points.
In addition, optimism gives air to Argentine stocks on Wall Street, which
go up to 18%
, pushed by banks and energy companies and led by Despegar and Corporación América.
Among the good news that the market is paying attention to is the placement of a
new dollar bond for US $ 750 million
to take pressure off the exchange rate and the arrival tomorrow of an IMF mission to advance the negotiations and obtain a new agreement that allows for an additional loan.
In the world, the stock markets opened higher as a reaction to the confirmation of Joe Biden's triumph in the United States but also due to the positive impact generated by the announcement that the Pfizer vaccine achieved
90% effectiveness
in phase 3.
The good news with the vaccine especially pushes companies related to tourism.
On Wall Street, the Dow Jones index
jumps 4.3% with peaks of 12%
for stocks such as Boeing and Walt Disney, linked to travel and entertainment.
There were also marked rallies for
energy and oil companies
, with increases of up to 11% such as Chevron and banks with recoveries around 10%, such as Citigroup.
In the Buenos Aires stock market, the Merval started with an advance of 4.1%.
Argentine shares in New York mostly rise between 4 and 10%.
The ones that stand out the most are Despegar (18%) and Corporación América (12.5%), the company that owns Airports Argentina 2000.
Furthermore, the ADRs of
Argentine banks show increases of between 7 and 10%,
with Galicia leading the way.
On the energy side, YPF leads with 6%, while Edenor rises 5% and Pampa Energía, 1.5%.
Interestingly, the only two ADRs that are trading lower so far are the unicorns Globant (-2.3%) and Mercado Libre (-3.9%)
This Monday the wholesale dollar, the segment in which banks and large companies operate, opened at
$ 79.35,
twenty-five cents above Friday's close.
This brings the retailer to
$ 85
, and the dollar savings to
$ 140.
The marked decline in the blue dollar led to a narrowing of the
exchange rate gap,
which is once again below 100% after a month of sustained rise.
Now it reaches
94%
, and although it is still at one of the highest levels in recent history, it represents a marked decline in relation to the 150% that it touched on October 24.
On the side of financial dollars, both cash with liquidity, the transaction that allows foreign currency to be withdrawn from the country, and the MEP dollar, which is accessed through operations in the Buenos Aires stock market,
are moving up.
Thus, the cash with liquid increases 0.3%, to $ 147 and the MEP increases 0.6%, to $ 142.5.
AQ
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