Sunday , April 18 2021

For the dollar, S & P Merval returned to 1.5%, but ADRs sank to 4.5%

With the risk of the country again increasing, the index S & P Merval of the Argentine Stock Exchange (BYMA) returned to 1.5% and recovered 30,000 units, then it changes up and down during the first part of the day.

The lead panel was driven by the bull's effects of "contado con liqui" (rose 3% to $ 46.46) because The ADR of energy companies and some banks deepened their weakness and fell to 4.4% (SuperVille).

In this way, among the promotions on the day of the local square, the activities of the Morgor (+ 7.8%); Aloyar (+ 7.3%); and Central Puerto (+ 4.8%).

On the contrary, the victims were guided by the roles of Edenor (-4%); Comercial del Plata (-1.4%); and Pampa Energy (-1.3%).

The pearl of the day gave it Central Costanera, who in the General Panel took 28.3%after the meeting ahead of schedule will pay a dividend of $ 2 billion.

The volume traded with shares continues to be low ($ 637 million), causing large intraday movements in quotes, while some funds rearrange the portfolios, indicated by Bull Market Brokers.

In the previous session, the lead panel fell by 0.6% after falling 4.8% to a minimum intraday level of 28,309.75 points.

"After the severe punishment suffered by domestic funds as a result of the" rule "of foreign investors' positions, some operators are selectively encouraged to take advantage of the betting for an assessment that there is an" exaggerated reaction, "" said an analyst at the market.

Despite this, trading response tests are tactful and fragile because they are motorized more political and economic rumors, in addition to official interventions that want to act as support, in an even more precarious panorama.

"The harsh reality was seen abroad, which is why the conclusion is that the activities will continue with a clear negative mid-term bias and that every technical turn we saw in the last two days is a possibility of selling" analyzed a stock company report.

On the foreign exchange market, the greater calm of the new currencies and the battery of BCRA measures deployed on Thursday (a rise in prices, futures sale and government dollars) did not stop this time that after the initial looser the dollar will ultimately close stiffer (up to nearly 46 dollars on the wholesale market).

It happens before the growth dollarization of portfolios, in the middle of the expansion of weights which leaves a balance on Leliq tenders, although BCRA has confirmed that new rates are rising to almost 72%.

"Investors admit that even breathing can be ephemeral, because volatility will continue in conditions of high political uncertainty, which could open new rounds of dollarization to foreign investors, and also local savers" estimates economist Gustavo Ber.

The week that ended, the lead panel experienced withdrawal of 6.35% (measured in pesos), with Alois (+ 4.4%), at the top of the highs, and with Cablevisión (-14.3%), noting the greatest loss.

Bonds and country risk

In the fixed income segment, major foreign currency denominated bonds failed to resume the return to the second round Thursday, fueled by selective purchases from ANSES.

The failures of the day were led by Yearly bonuses (-3.1%); on Discount according to the law of New York (-2.3%); and Bonar 2024 (-0.3%).

In the weekly cumulative, the decline in public securities in US dollars is an average-6.5% end-to-end.

On the other hand, bonds denominated in pesos returned to mixed operations, but this week ended with drops of an average of 8% for those that can be adjusted with CER and 6% for floaters, the SBS Group reported.

As far as the letters are concerned, Lecaps closes at rates of 56% for short, 60% average for the middle part and 66% for the longest. Finally, the Leliqs auctions showed an average rate of 71.87%.

In the meantime, the country, measured by JP Morgan, declined 3% (29 units) to 968 units, after the swords start. The index exceeds 1,010 points in the previous session.

In return, CDS up to 5 years closed at 1,214 points, dropping this Friday 35 points, but climbing Sunday at 265 units.

In this way, Argentina conveniently manages the ranking of countries with the highest risk of payment on the planet (except Venezuela).

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