The Argentina stocks and bonds continued with a bearish bias this Monday, in the face of persistent investment caution that awaits the presentation of an economic plan to Congress with guidelines on the program negotiated by the Government with the Monetary Fund International (IMF) to face a new schedule of maturities of a debt for 45,000 million dollars.
The Global bonds, in dollars with foreign law, lost 0.5% on average at 5 p.m., to accumulate a sharp drop of 8.4% in the last month.
The Globals again touched their lowest prices since they went public last year, and some issues, such as the GD35 is already traded below $ 29 per sheet of USD 100.
“Bonds in dollars are still in free fall in the absence of concrete progress with the IMF,” he said. Paula gandara, Head of Portfolio Management at AdCap Asset Management.
In this framework, the risk country JP Morgan rose four units for Argentina at 5:00 p.m., at 1,877 points basics, after hitting the whole 1,880 in the morning, a record since September 10 last year.
Bonds traded on the Electronic Open Market (MAE) lost 0.3% in their average in pesos, after accumulating a 3.4% drop last week.
The stock index S&P Merval of the Buenos Aires Stock Exchange could not sustain an initial gain of more than 2% and closed negative again, now with 1.6% drop to 79,094 units, against a collapse of 5.4% on Black Friday.
Argentina’s country risk renewed its historical maximum since the debt swap, at 1,880 units
Global markets operated profitably, although they remained attentive to the consequences that the omicron variant of coronavirus could have on the world economy. Main Wall Street indicators bounced back from the deepest drop since September (at last Friday’s wheel) and exhibited hikes in a range of 0.9% to 2%, led by technology titles.
With this scenario in place, the downward trend for shares and ADRs of Argentine companies traded in dollars in New York stood out, led by Despegar (-8.8%), IRSA Propiedades Comerciales (-5.8%) and Grupo Galicia (-4.3%).
The price of To take off had already received a 9.3% bearish setback on Friday, after a resolution of the BCRA that prohibited to financial and non-financial entities credit card issuers, sale in installments of tickets and other tourist services abroad, such as hotel accommodation or car rental.
“There will be an agreement (with the IMF),” because “so many exchange rates are not serious,” he said in television statements. Diego Ferro, a director of M2M Cap, from Wall Street. “The two parties (the Government and the IMF) have a serious narrative problem,” he said.
With the adverse result in the recent legislative elections, the Government lost control of Congress and promised to present in the first week of December the ‘multi-year’ plan, base expected by the negotiation with the IMF together with the high inflation, fiscal deficit and exchange gap above 100 percent.
Amid the obvious financial stress, the central bank (BCRA) had to come out to deny that there was any kind of restriction for the availability of deposits in dollars, after a false message about it transcended on social networks.
Strong BCRA sales
The BCRA had to contribute USD 70 million to the offer and sacrifice reserves, in a round where a growing demand was reflected in a very important amount traded in the spot segment, where some USD 828.1 million, the highest in more than two years.
“The volume traded today in the spot segment is the highest for a wheel since October 2019,” he mentioned. Gustavo Quintana placeholder image, agent of PR Corredores de Cambio. He added that the “imminence of the end of the month and Advances of adaptation to the new standards impacted on the volume traded in the spot segment ”.
With the sales of this Monday, the Central Bank accumulates a negative net balance of about USD 754 million so far in November for its intervention in the official market, to meet a firm demand, particularly from importers.
In the segment wholesaler of dollar ended agreed to $ 100.94, with an increase of 14 cents compared to the previous Friday. The exchange gap with the informal dollar, which concluded offered at $ 201 for the third day in a row, it was limited to a 99.1 percent.
The dollar “Counted with settlement”, implicit in the prices of stock market assets that are traded simultaneously in the domestic and foreign markets, ended with a slight rise to $ 212.59, with a gap with the wholesale price of 110%, in a framework of expectations by the The impact of the new BCRA ban on the purchase of tickets abroad with interest-free installments. And the dollar MEP fell below $ 200 for the first time since November 15, at 197.39 pesos.