Monday , May 23 2022

Seventh & # 39; worsening Stock Exchange: accumulated earnings & # 39; 20% in & # 39; dollars



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The index Merval key actions seems to have marked a low resistance point f'700 measured in & # 39; dollars. By combining adverse external scenario, more of exchange rate In domestic sphere, the ByMA board (Argentine Markets and Markets) welcomed the minimum of 2018 on 30 August, 4 September and 26 December, art similar to the 700 point 20 January, 2016, B & # 39; that – after the devaluation – elimination – of – exchange controls.

To trace what the extent of land 700 f & # 39; dollars to return January and February 2014, Where – with – wholesale dollars increased by & # 39; 20% in only three days (from – 21 & # 39; January to – 23) and – possible & # 39; agreement & # 39; to – ECU. t holdouts.

In the past seven & # 39; the wheel Merval bounced 18.6% in pesos, The land of 27, 480 points on 26 December to all 32 580 on Monday. And won 22% in & # 39; dollars, From 712-870 points. During this period, the wholesale dollar fell from 38.60 to 37.41 pesos.

"Now there are many who agree that the fall & # 39; 2018 left by the Merval shares in trays and offers very poor prices and, therefore, attractive, and bonds have a great chance of & # 39; juicy return, "he said. Jorge Fedio, Technical analyst & # 39; Clave Bursátil.

Report & # 39; Puente SA He said that "the decline in country risk and an increase in domestic financial assets was partly the result of & # 39; increased appetite for risk on the part of & # 39; global investors, after more moderate message from the Federal Reserve on disarmament of the balance sheet and the interest rates. "

The rebound & # 39; equity The – Argentina was also reflected in – IP ADR performance, Certified by their national contributors operating on Wall Street.

The YPF fell & # 39; to its lowest value in almost six years on 26 & # 39; December, when the ADR has come to trade at $ 12.01. Since then, bounced 20.8% to 14.52 dollars.

Risk – of – country & # 39; JP Morgan, Which measures the differential rates of bonds of the United States to its emerging peers, falling eleven whole thing for Argentina, a 720 basis pointsAfter enrolling at levels close to 840 points – last week & # 39; the – in 2018.

the sovereign bonds in – Open Electronic Market (EAW) on Monday registered a slight average improvement of 0.1%, which it accumulating an increase of more than 3% in – first sessions & # 39; the – in 2019, according to data from Reuters.

Report & # 39; VatNet He said that "- local market showed strong recovery compared to & # 39; to – IPA. T exaggerated falls of recent months"While this progress"was pronounced alternative to a greater risk, Which was the most punished. "

among the dollar bonds, Those with & # 39; Argentina and limit legislation after 2020 – continue at very low prices. t return around 12% per annum in & # 39; dollars, such as Bonar 2024, In 2033 and 2025 Bonar. However, these sovereign bonds reached about 15% in just two weeks.

"We emphasize the recovery of bond prices at a minimum, that from our view were "overcast" in last month and did not correspond to -. t fundamental. It separates from the analysis that policy is that today affects variable, But not known is not resolved in the short term ", contributed by Personal Portfolio Investments.

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