The Buenos Aires stock market, the shares of Argentine companies on Wall Street (ADRs) and the bonds reversed in the final stretch of the day the negative trend that they had during most of the day and closed with increases, after the national government gave know the news of the agreement reached with the staff of the International Monetary Fund (IMF) to refinance the debt of US$ 45,000 million.
Market specialists consulted by Télam said that the “positive” news could derive that in the future the current values go to “a floor” in the price of local shares, the papers of Argentine firms on Wall Street and public securities, with which It can become a purchase opportunity for the coming months.
The national government announced this Thursday that it reached an agreement with the staff of the International Monetary Fund (IMF) to refinance the record debt of approximately USD 45,000 million that took over the administration of former President Mauricio Macri.
In this way, in New York, the papers of Argentine firms closed the day with the majority of positive results led by Cresud (8.5%); Irsa Commercial Properties (6%); South Gas Carrier (5.8%); America Corporation(3.7%); and Ternium (3.1%).
The losses corresponded to Globant (-7%); Free Market (-3.9%); YPF (-2.8%); Black Hill (-2.7%); and Telecom Argentina (-2.3%).
In the fixed income segment, bonds in dollars left gains of up to 2%, while securities in pesos adjusted by CER ended the session with increases of 1% on average throughout the curve.
In this framework, the country risk recorded a drop of 0.8%, to stand at 1,851 basic points.
In the Buenos Aires square, the Merval left a rise of 1.45% and the rises of the leading shares were marked by Cresud (6.60%); South Gas Carrier (5.92%); Aluar (5.38%); Ternium (4.84%); and Richmond Laboratories (4.55%).
For its part, the falls of the wheel were registered by BYMA (-2.54%); YPF (-2.45%); Black Hill (-2.32%); Telecom Argentina (-1.06%); and Transener (-0.93%).
Asked about the expectations regarding the prices of Argentine assets after the announcement of the agreement with the IMF, Santiago López Alfaro, president of Patente de Valores, told Télam that the news had a positive impact on the price of Argentine shares, bonds and paper on Wall Street.
“Argentine assets were affected by the war between Russia and Ukraine, because the conflict affects emerging markets. This caused many emerging funds to suffer withdrawals and assets from all emerging markets were sold, including our country,” López explained. Alfaro.
In this sense, he specified that Argentina was pressured by the withdrawal of emerging funds due to the war and the uncertainty surrounding the agreement with the IMF.
“With the news of the agreement with the Fund, we are already marking a floor in the prices of bonds and shares, which will be a buying opportunity in the coming months”added the economist.
López Alfaro predicted that the project with the agreement will pass without problems the obstacles that may arise in Congress during its discussion, so that it can become a Law before March 19, in view of the maturities that will skyrocket in the coming years. following days.
In the same line, Alejandro Bianchi, founder of AsesorDeInversores.com, told Télam that the announcement of the agreement caused the assets that started the day in negative to reverse the trend and close in positive, with which the news “can mark a floor in the prices of the Argentine equity”.
“It is possible that a floor will be marked in the prices of Argentine assets and the beginning of a slightly more sustained recovery,” Bianchi stressed.
With a critical view Diego Martínez Burzaco, Head of Research at Inviu, told Télam that the market had already discounted the news of the agreement with the IMF “a long time ago” in the value of Argentine asset prices.
“The prices of Argentine assets are rock bottom. And this has to do with the confidence and viability of the country for the next two years. Agreement with the IMF is a necessary but not sufficient condition to change confidence. There may be some short-term rally, but we don’t expect anything runaway under the deal,” Martinez Burzaco said.
Finally, Adrián Yarde Buller, chief economist and strategist at Facimex Valores, told Télam that having reached an agreement “is great news”, even when it took much longer than was advisable.
“My impression is that the agreement will hardly be enough to restore confidence and significantly boost Argentine assets, but it will help avoid disruptive scenarios,” the specialist stressed.
