The agreement with the Monetary Fund has opened a pause on the foreign exchange market. After the escalation of the last few days, the blue dollar reversed course and fell by 30 pesos, closing in $1,020.
In this way, the bullish streak that informal data had shown since January 3 of this year was interrupted. In just six wheels he had managed to earn 145 pesos.
The same dynamic was recorded for financial dollars: the MEP, listed on the Buenos Aires Stock Exchange, lost 1.5%, $1,125 and cash with liquidity, the method that companies use to materialize themselves, loses 2.1% and is reorganized into $1,157.
The closure of this phase of the negotiation with the IMF and the certainty that the body will provide 4.7 billion dollars In the coming months it provided relief to the market, which in recent days had restarted itsdollarization strategy amid escalating inflation, collapsing peso rates and setbacks in Congress and the DNU judicial system and the law omnibus by Javier Milei.
The market welcomed the announcement of the resumption of the agreement between Argentina and the Fund. The best news came from the side of dollar bonds, which in this wheel rose up to 2%, which allowed Country risk will be brought back to 1933 basis points, 50 points below Wednesday’s record.
On the stock side, On the Buenos Aires Stock Exchange the Merval collapsed by 1.87%, while in New York the ADRs alternated ups and downs after opening the wheel with increases of up to 5%.
In the main panel of the Buenos Aires Stock Exchange, the largest drop corresponds to the Mirgor stock, with a drop of 4.6%; followed by Galicia (-4.1%) and Telecom (-3.5%). At the other extreme, the positive lot is led by Banco Valores, with an increase of 3.9%.
Among the ADRs, the declines in Argentine stocks are led by Banco Galicia with -1.5%, followed by BBVA -1% and Ternium with -1%. Among the rebounds stand out Despegar with 3.5%, Corporación América with 1.9% and Transportadora Gas del Sur with 1.4%.
For Portfolio Personal Inversions (PPI), the good market reception is linked to the fact that “the Fund’s statement praises the new adjustment and stabilization plan, while highlighting the warnings due to the serious crisis. Although the agreement was not better than expected (no additional new funds were awarded), “It strengthened the sustainability of the Milei plan and eliminated some short-term risks, which had a positive impact on dollar sovereign debt prices on Wall Street.”.
Source: Clarin
