The papers of the local variable income segment continue to be the preferred option for investors, encouraged by the electoral trade
By Marcos Phillip
12/05/2023 – 18,15hs
The Merval rose 2.63% and settled at 321,529.57 basis points. In this way, it registered a new nominal record in pesos and extended the gains to six consecutive rounds. Sources from the city of Buenos Aires explained to iProfessional that the reasons for this string of greens respond to the fact that the market is convinced that this government is leaving and that the next administration will be “more market friendly”, so they are strongly committed to ” electoral trade”. In addition, they understand that the prices of paper assets are undervalued and represent a unique buying opportunity.
In the foreign market, the ADRs of Argentine companies that operate on Wall Street operated with ups and downs, in a wheel in which the main US indices marked negative results.
Los sovereign dollar bonds under foreign legislation they were traded with increases of up to 4.29%, led by the Global 29while the titles in pesos with CER adjustment marked increases of up to 1.17%, where the performance of the TX24 stood out.
As relevant data of the day, through a resolution, the National Securities Commission provided that “the subscription of quota shares with negotiable securities in the Mutual Investment Funds denominated in foreign currency will not be admitted.” Meanwhile, through Communication A7766, the BCRA increased to 180 days the term for companies that access the MULC to not be allowed to transfer pesos to “companies with which they are part of the same economic group.”
What happens in the markets of the world
Wall Street registered declines in its main indicesas investors monitor the latest developments in the ongoing debt ceiling negotiations, with a key meeting between President Joe Biden and House Speaker Kevin McCarthy postponed until next week.
On the corporate front, a reading on consumer confidence and a notable rise in consumer inflation expectations from the University of Michigan pushed stocks in the negative direction.
The Buenos Aires stock market records a new record and accumulates six consecutive rounds with profits: what explains the strong rise
Data from the University of Michigan released today showed its consumer confidence index fell nearly 6 points from April to May as the debt ceiling fight weighed on the economic prospects of many Americans.
Perhaps most significant to investors in this report, however, was the rise in long-term inflation expectations, which rose to 3.2% in May to hit the highest reading since 2011.
Wall Street
The main Wall Street indices traded with negative results. Thus, the S&P 500 fell 0.16%; the industrialist Dow Jones lost 0.03%; and the technological Nasdaq fell 0.35%.
Merval
The Merval registered a rise of 2.63%. Thus, the greens of the leading actions were recorded by Loma Negra (7.05%); Pampa Energía (6.68%); and Transportadora Gas del Sur (6.67%).
ADRs
On Wall Street, the papers of Argentine firms closed with mixed results. Thus, the gains were marked by Transportadora Gas del Sur (3.2%); Pampa Energy (3.2%); and Telecom Argentina (2.5%); while the losses corresponded to Despegar (-5.5%); YPF (-3.3%); and Grupo Financiero Galicia (-2.9%).
bonds
Sovereign bonds in dollars under foreign legislation traded with increases of up to 4.29%, led by the Global 29, while titles in pesos with CER adjustment marked increases of up to 1.17%, where the performance of the TX24 stood out.
Risk country
Country risk is around 2,584 basis points.
