Argentinian assets start the week positively, hand in hand with an improved global mood. With the “help” of US stocks, which are experiencing an improvement after closing Friday for the worst week since the start of the year, Argentine stocks and bonds are on the rise. Country risk yields 0.4% and is below 2,000 points.
Dollar-denominated debt securities, which last week managed to close with an average gain of 4%, are once again operating positively and detaching themselves from the rest of emerging debt. past noon, present increases of up to 2.8% as in the case of Bonar 2030.
Within equities, New York markets traded positively today and its parent index, the Dow Jones Industrial, rose 0.27% to 32,906.86 points. Meanwhile, the selective S&P 500 index rallied 0.58% and the Nasdaq technology index gained 0.79%, according to the Bloomberg news agency.
Wall Street’s rebound serves as a kick so that Argentine companies listed on that market move mainly higher. The increases are led by Cresud, which jumps by almost 5%.
This backdrop supports the Merval Index, which finished last week nearly unchanged from the previous Friday’s close. The Buenos Aires stock market is up nearly 1%. also led by the increase of Cresud.
“Despite all this uncertainty-filled environment, local financial assets are holding up for now,” Cohen’s analysts said, referring to international volatility and poor financial indicators in Argentina. So far this year there are ADRS earning almost 40% in dollars, as is the case with Grupo Financiero Galicia. Despite a lazy February, the Merval accumulates a 24% improvement since the beginning of 2023.
Meanwhile, dollar bonds fell after their rally earlier in the year, but still mostly accumulate positive returns, up to 18.6%, In the case of Global 2030, this is the bond that was the main target of the buyback announced by Sergio Massa in mid-January.
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Source: Clarin
