Ana Clara Pedotti
Updated 9/14/2021 12:36 PM
After having gained up to 15% in dollars in the first round of the week, Argentine stocks begin to
and with investors attentive to the economic measures that the Government may announce to avoid losing at the polls in November ,
the papers dilute the earnings.
On Wall Street, the stock that rises the most is that of Banco Macro, which, after the opening of the markets, gained 2.4%.
The initial euphoria registered on Monday subsided and ADRs fell: Ternium and Corporación América lost
while Central Puerto, which had led the increases the day before, lost almost 2%.
In the local market the spirit is similar: after having gained 5.5% in the previous one,
the S&P Merval index yields 0.9%
at the rate that investors take profits from papers such as YPF, Central Puerto and Cablevisión Holding.
Cohen analysts explained: "While we remain positive going forward,
we do not see very rapid rises in the short term, given that there are still macroeconomic challenges to overcome
, the queue of potential sellers still has assets to download and funds from outside are are skeptical when deciding to buy again "
In the fixed income segment,
dollar bonds also show greater investor caution.
After having registered average increases of more than 2%, sovereign titles fell as much as 1.3%.
The market reacted to an unexpected result, but investors' eyes are on the strategy that the government may adopt until the general elections in November.
Ezequiel Starobinsky, from Liebre Capital explained: "The market's fear is that the government will radicalize with economic measures that involve
more issuance and more deficits and in the long run they will have an impact on higher inflation and a larger gap
Investors compare this post-election scenario to the one that occurred in 2009, when the rebound in stocks and bonds quickly faded, or the one that occurred in 2013, which was the kickoff for the price rally that lasted until the change of government. in 2015.
In Delphos Investment they explained that
"the economic context and the behavior of the voter seem to be similar to the first one
"The big difference is that the
macroeconomic deterioration is greater
and therefore the ruling party has
less room to do more 'Peronism',
" they said.
"This deterioration also detracts from the attractiveness of a
like the one that started in 2013, since the problems that a potential new administration will face in 2023 are even more serious than those observed in 2015," they said.
For Moody's, if the Government increases spending to try to win the elections, the agreement with the IMF is in jeopardy
The blue dollar recovers after the fall and rises to $ 182