Sunday , May 16 2021

The stock market had a revenge in November: the shares recovered 7% and beat the dollar

After a fall of 12% in October, the US currencies again gained positions and gained 4.9% in November, with momentum from reduction of fees the Central Bank, albeit always within the band of flotation organized by the monetary authority.

The dollar ended the month $ 38.77 for retail on average and up $ 37.72 on the wholesale market, still close to the floor of the "non-intervention" group established by the monetary authority, in $ 36,105 for next December. The ceiling will be located at 46,724 pesos.

The monetary entity deepen the way down for reference interest rates in pesos, at 60.753% per annum, which is the lowest yield since October 1.

With predictable slowdown in inflation with a rate of 3% per month since November, according to the evolution of this band on the free exchange of flotation of BCRA, and after a jump of 6.5% in September and 5.4% in October, weight absorption through liquidity letters (LELIQ) accumulated about $ 300,000 million in two months.

This one passive paid at record rates in the balance of the Central Bank reaches 700,000 million dollars, half of the Monetary Base, has stabilized below 1.4 million pesos, within "zero emission" that the presidency Guido Sandleris He pledged to hold it until June 2019.

Economist Gustavo Ber believes that "the greater absorption of weight coupled with the sale of BCRA futures "contributed to" a greater supply of foreign currency ", for which it served weakens the dollar's rise, which has examined 40 pesos last Monday. "However, after several breaks on the road, the biggest will monitor dollarization of portfolios by the end of the year and 2019 with great electoral uncertainty, "he warned.

He stressed that Merl index on Argentine Markets and Markets (ByMA) ended November with an improvement of 7.1%, to 31,482 points. In this framework, we must not ignore it 2018 very negative for variable income, with an average profit of 5% in pesos, compared to inflation exceeding 40% for eleven months.

"In terms of Merval's performances in November, he left an increase in pesos of 7%. the better yields of the month were in the financial sector, standing outside Galician group 22.4%, The French bank 14.3% and Banko oversees 12.7%, "he summed up Eduardo Fernandez, an analyst at Rava Bursatil.

For ADR, a certification by which Argentine companies are listed on the New York markets, concluded in November positive result. He found monthly profit from Grupo Galicia, 19.9% ​​in dollars in the month, with an increase in the favorable quarterly equilibrium.

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