Stock dollars had a calmer day and traded lower with retracements of up to 2.8%while foreign currency sovereign bonds fell 3.4% Y the Buenos Aires stock market rose 3.99%.
After the first statements of the Minister of Economy, Silvina Batakisin the informal segment, the so-called “blue” dollar marked a decline of 5 pesos, to an average of $255 per unit, after opening higher and touching $267 in the first part of the day.
In the stock market, the dollar counted on liquidation (CCL) fell 2.5%, to $274.16; while the MEP fell 2.8%, to $263.
In the fixed income segment, bonds in dollars had a round of strong results in red because this Monday Wall Street operated for the holiday in the US for Independence Day.
In this way, the titles in hard currency were updated -catch up, in market jargon- of what happened this Monday and fell 3.4% in the case of the Global Bond 2030, while the titles in pesos that adjusted for CER rose 2.5% on average.
The so-called “blue” dollar marked a setback of 5 pesos
Thus, the country risk increased 8.4% up to 2,574 basis points.
sources of central bank ratified this Tuesday to Télam that the monetary entity “is going to defend the Treasury’s debt”just as it did in recent weeks, in order to maintain a price parity that guarantees that the titles begin to yield above their primary market price.
The opinion of specialists
Regarding market expectations regarding the new economic cabinet, Nicholas Zeollachief economist of the Development Research Foundation (FIDE), told Télam that Minister Batakis has technical capacity, social understanding, and achieved political consensus within the Government.
“It is clear that the abrupt change in the leadership of the Ministry of Economy intensified exchange and financial tensions that seemed to have been redirected after the increase in reserves generated by the new regulatory framework implemented by the BCRA, and the refinancing of the high debt maturities in pesos,” Zeolla said.
The economist assured that the new Economy Minister emphasized that among her priorities is the compliance with current guidelines on the fiscal, tariff, exchange and monetary levels.
“Without ignoring the frailties exhibited by the macroeconomic context, the collapse in the securities market and the spike in parallel dollar prices condense a framework of devaluation expectations and non-compliance with debt commitments, which is not consistent with the ability to maneuver that the economic policy”, pointed out the chief economist of FIDE.
For its part, alexander bianchifounder of the consultancy firm AsesorDeInversiones.com, said that the market interprets that Batakis is continuing on the same path as Guzmán.
“The expectation is that politics continues to rule over the economy. And politics never wants to bear the cost of a devaluation. Time will tell at the end of the road what was the least expensive. Confidence is at very low levels,” said Bianchi.
Regarding the stock market dollars, Bianchi indicated that an exchange rate peace will probably be achieved, but if it happens, “it will have one more summer form that will provide a medium-long term solution.”
In the same line, mauro mazzaof Bull Market Brokers, assured that the price of stock dollars “will be permanently under official attack or at the request of officials to slow down.”
As far as the Buenos Aires stock market is concerned, the Merval index rose 3.99%detached from Wall Street that had a day with mixed results.
The gains of the leading shares were led by Banco Macro (11.60%); Central Port (10.15%); Black Hill (8.41%); BBVA Argentina (6.90%); and Grupo Financiero Galicia (6.84%).
On the NYSE, the shares of Argentine companies registered the same path as the sovereign bonds in dollars, falling sharply as a result of the fact that they did not operate this Monday due to the holiday in the United States for Independence Day.
The decreases in paper from Argentine firms were led by Pampa Energía (-7.6%); Cresud (-7.4%); Tenaris (-7%); South Gas Carrier (-5.9%); and YPF (-5.4%).
Meanwhile, the only gains were registered by shares in the technology sector and were registered by Mercadolibre (8.1%); Globant (5.2%); and Take off (5.1%).
