After the sponsored start of the first round in April, Argentine stocks have been listed on Wall Street since the second day of the month the face sags more than 3%. The loss comes in line with the decline suffered by the main indices of the New York Stock Exchange: the Dow Jones falls by 2%, the Nasdaq by -1% and the S&P of the 500 largest companies by -1%.
Almost all ADRs go down with Telecom and YPF as the only exceptions. The oil company rose 0.5% and the communications company rose 0.1% after falling on Monday.
Among the biggest decliners in Argentine stocks in New York were Banco Macro with 3.9%, BBVA with 3.8% and Galicia with 3.5%.
On this local market holiday, Wall Street is the only reference for Argentine stocks.
The economist Gustavo Ber underlines this “The tone of greater caution with which the second quarter opens continues on Wall Streetat the rate at which the chances of a “longer bullish” Federal Reserve increasing, this time affecting domestic assets during the holidays and thus threatening to insert a correction.”
“So, the major ADRs have so far returned 1%, internally weaker performance as some traders predict a reprieve would be healthy and timely after the strong rises that took the S&P Merval index to $1,100,” he noted.
“Also The constraints are weakest among the main references to New York legislation, who also try to intersperse a well-deserved rest after the dizzying climb that has led the shorter titles to double their parities punished at levels higher than US$50“Ber noted.
Source: Clarin
