The Limited Times

Now you can see non-English news...

Black Friday: Argentine stocks and bonds fell sharply

2023-02-17T22:42:15.086Z


Public bonds sank more than 4%, while the loss of ADRs exceeded 7%. The week ended in the red for Argentine assets, with dollar bonds falling by more than 4%, while the shares of Argentine companies listed on Wall Street fell by more than 7%. For its part, in the Buenos Aires stock market, the Merval showed  a drop of 3.2%. One of the main debt titles, the AL29 yielded 4.3% and traded at 26.58 dollars , a loss of 18.4% so far in February. The rest of the titles


The week

ended in the red

for Argentine assets, with dollar bonds falling by more than 4%, while the shares of Argentine companies listed on Wall Street fell by more than 7%.

For its part, in the Buenos Aires stock market, the Merval showed 

a drop of 3.2%.

One of the main debt titles, the AL29 yielded 4.3% and traded at

26.58 dollars

, a loss of 18.4% so far in February.

The rest of the titles that make up the main panel of Argentine bonds in dollars fell between 3% and 5%.

Country risk, the JP Morgan indicator that measures the overrate of Argentine debt, rose 3.3% to

2,123 basis points

, the highest level since January 3.

So far this month,

country risk has lost 16.6%

, although it still registers a favorable balance so far this year of 4.1%, as a result of the good performance that bonds had in January.

In this context, the measure announced by Minister Sergio Massa to allocate

US$ 1,000 million

to the repurchase of bonds did not help either to improve the parities of the titles or to lower the country risk.

Today, except for the Global 30, which is trading at US$31,

the main debt securities fail to break the ceiling of US$30,

which shows the difficulties of the G

government to restore investor confidence.

The bad performance of the bonds extended this Friday to shares that so far this year had been holding up better and this time fell sharply.

The worst part was taken by the banks, with

Supervielle falling 9.1%

, followed by Macro with 5.5% and BBVA with 4.1%.

The only exceptions in a totally red panel were Globant, which rose 7%, and Central Puerto, which recovered 0.2%.

Like banks,

energy companies were among the worst performers

.

YPF lost 4%, while Transportadora Gas del Sur fell 4.1% and Pampa Energía, 2%.

The Merval lost 3.2%

and moved in mirror image with the ADRs with all the main shares down, led by Supervielle with a decline of 5.6%.

The loss of Argentine assets

was part of a negative day for global markets,

with the Dow Jones opening lower and closing at 0.2%, while the Nasdaq lost 0.7%.

The poor performance of Argentine assets is a consequence of

global risk aversion

, after the sharp rise in US rates in the face of more lasting inflation expectations.

"The more cautious tone is spreading on Wall Street

, given concerns about more

hawkish

signals from the Federal Reserve after the latest inflation data, which has a negative impact on domestic assets since it also adds political and economic tensions," said the economist Gustavo Ber.

"External weakness infects domestic assets,

including ADRs that have been resisting profit-taking, unlike bonds that have been heavier for some time after having tested the upper parities of the range," said the bank. analyst.

stable dollar

The blue dollar was stable at

$377

, while financial dollars barely moved.

The MEP fell 0.6% to $

355.6

 while cash with liquid remained at 

$369.

The wholesale dollar corrected 0.2% and reached

$193.2,

leaving the retailer on the verge of $200 without taxes and surcharges.

The card dollar, for foreign currency consumption below 300 dollars, was quoted at

$348.6,

while the Qatar dollar, for expenses above that amount,

was close to $400. 

AQ


look also

The 10% discount in butcher shops starts on March 1: how to access the benefit

The odyssey of middle-class professionals: how to pay profits and be able to make ends meet

Source: clarin

All business articles on 2023-02-17

You may like

Trends 24h

Latest

© Communities 2019 - Privacy

The information on this site is from external sources that are not under our control.
The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.