Week ends in red for Argentine assets, with dollar-denominated bonds falling more than 5%, while shares of Argentine companies listed on Wall Street dropped more than 7%.
For its part, on the Buenos Aires Stock Exchange, Merval makes a good impression a drop of 3.7%.
AL29 loses 5.3% and trades at $26.30, a 19.3% loss so far in February. The remainder of the stocks that make up the main panel of Argentine dollar bonds fell between 3% and 5%.
Country risk, the JP Morgan indicator that measures Argentina’s debt excess rate, rises by 2.1%, 2100 basis pointsthe highest level since January 3.
so far this month country risk loses 15.6%while still recording a favorable balance so far this year of 5.2%, due to the good performance that bonds had in January.
The measures announced by Minister Sergio Massa to allocate $1 billion The repurchase of bonds has served neither to improve the parity of securities nor to lower the country risk.
ADRs also drop dramatically. The worst performer is taken by banks, with Supervielle down 7.1%followed by BBVA with 6.5% and Macro with 5.6%.
The one exception in an all-red panel is Globant, which is up 2.6%. Like banks, Energy companies are among the worst performers. YPF fell 4.5%, while Transportadora Gas del Sur fell 4.1% and Pampa Energía 2.9%.
Merval loses 4.1% and mirrored ADRs with all major stocks lower, led by BBVA down 5.9%.
The loss of Argentine assets it’s part of a bad day for global markets, with the Dow Jones down 0.4% and the Nasdaq down 1.6%.
The poor performance of Argentine assets is a consequence of global risk aversionafter the sharp rise in interest rates in the United States in the face of longer-lasting inflation expectations.
“The more cautious tone spreads on Wall Streetgive worries about plus signs falcon by the Federal Reserve after the latest inflation data, which has a negative impact on domestic assets as it also adds political and economic tensions,” says economist Gustavo Ber.
“External weakness infects domestic activities, even to ADRs that resisted taking profits, unlike bonds that have been weighed down for some time after testing the high parities of the range”, says the analyst.
stable dollar
The blue dollar remains stable at $377, while financial dollars hardly move. The MEP climbed 0.1%, to $ 357.8while cash and cash equivalents fell by 0.1%, a $369.6.
The wholesale dollar corrects 0.2% and catches up $193.2, which leaves the dealer on the verge of $200 without incurring taxes and surcharges.
Dollar paper, for foreign currency consumption of less than $300, is traded at $348.6, while the Qatari dollar, for expenses exceeding this amount, close to $400.
AQ
Source: Clarin
