Ana Clara Pedotti
09/08/2021 2:34 PM
Clarín.com
Economy
Updated 09/08/2021 2:34 PM
The stock rally that the Argentine market is experiencing a couple of days ago took a break this Wednesday.
Three wheels from the legislative primary elections, the market seems to have slowed for profit-taking: the S&P Merval falls 3.3% and the shares of local companies on Wall Street suffer losses of up to 7%.
This time, the Dow Jones also fell back, albeit slightly: it lost less than 0.5%.
On the New York Stock Exchange, IRSA's shares fell 8%, while those of Edenor fell 5.6%.
Those of banks also fell sharply, to 5.2% (Supervielle).
Dollar bonds also fall and the country risk measured by JP Morgan banks remains practically the same as on Tuesday, at 1,477 basis points.
The roles of
banks and energy were those who were more attracted investor interest recent days
.
However, with the fall of this Wednesday, many papers are already in the red in the accumulated of the month.
In any case, in the local market, the Merval index accumulates a 23% increase measured in dollars.
Is the electoral impulse over or is it just a profit taking prior to a new rise?
Is the result of next Sunday already discounted in the value of the shares?
These are questions that the most experienced analysts doubt.
The market bet that the weakened ruling out at the polls next Sunday, which could force the ruling coalition to make a "shift to the center" and lead various macroeconomic measures reordering.
An early agreement with the Monetary Fund is one of the keys that investors consider urgent.
In this sense, Javier Timerman, founder of AdCap, pointed out: "The economy is clearly rebounding more aggressively than expected and there may be a scenario opposite to that of Las Paso in 2019.
A
wake-up
call to the government this Sunday
may generate an appetite for risk Argentina and facilitate not only the agreement with the Fund but also the implementation of any stabilization plan. "
NE
Look also
Buenos Aires rentals: August showed the highest increase in the last 12 years
Credits at a 0% rate for monotributistas: the 20 questions that the AFIP answers