In the first negotiations of the day, free dollars fall to $7 and Argentine stocks start the day dyed green. These are the first reactions of the market after a week of expectation, since last night the guidelines of the economic policy that will be carried out by the new Minister of Economy, Sergio Massa, were finally known, with the focus on recompose the reserves of the Central Bank (BCRA), cut subsidies and not issue more in the remainder of the year.
Today, the caves of the city porteña sell US bills at $291, a decrease of $7 compared to the previous day (-2.4%). In a week marked by volatility, where the parallel exchange rate registered strong ups and downs, for the moment it accumulates a decrease of $5 compared to last Friday.
In context, before the departure of Martín Guzmán from the Palacio de Hacienda, the blue was positioned at $239. That is, $52 lower than current values. During the management of Silvina Batakis, the informal ticket closed at $338, the highest nominal price on record. Today it is offered at $47 less.
“The central bet of the measures is the expectations. There is no more than that, many details are missing. This can help in the short term, but the truth is that the announcements that have been made are not fulfilled and the market is increasingly in ‘seeing is believing’ mode. The commitment to the ‘Massa plan’ goes through political support, which is an advantage. They are not measures that aim to turn 180 degrees, but rather seek to straighten out the situation by focusing strongly on the impact that advertisements may have”, considered Francisco Matigg, portfolio manager of Consultatio Plus.
The MEP dollar, tool that consists of buying and selling bonds to become dollarized, back $5 on the day and is positioned at $277.20 (-1.8%). In perspective: a month ago it was trading around $248 ($29 less than today) and its all-time high was reached last Wednesday, when it was offered at $323.24 ($46 more than current figures).
The dollar counted with liquidation (CCL), instrument used by companies to legally transfer dollars out of Argentina, appears on screens $285,89, $2 less than yesterday (-0.6%). It is almost $34 away from the values it registered before Guzmán’s departure (it was worth $252.20). Meanwhile, its all-time high was $339.40 last Wednesday -before it was confirmed that Massa would take over-, $53.50 more than the current price.
On the other hand, bonds of the last debt swap opened the day with increases of 1.5% on average, also helped by the good climate that is experienced globally. The highest rise was presented by Global 2046, with 1.75%; followed by Global 2030 (+1.48%) and Global 2029 (+1.32%).
On the New York Stock Exchange the main Argentine stocks listed abroad (known as ADRs) register positive variations. The papers of Grupo Financiero Galicia advance 3.58%, Edenor, 1.31%; the Supervielle Group, 1.18%; and BBVA, 1.08%.