2024-01-26 21:50:40
The Buenos Aires stock market cut the upward trend of the last few wheels and fell sharply in the last session of the week measured in pesos due to the effect of the CCL dollar. For this same reason, it soared 13% measured in foreign currency, a level not seen since 2019. The ADRs in New York closed with a majority of increases, revealing the monetary phenomenon of the local stock market.
This day, the S&P Merval index of BYMA lost 2.4% to 1,253,619.610 points. The most pronounced falls were recorded in the shares of Loma Negra (-5,6%), Ternium (-5,5%) and Aluar (+4.3%). Meanwhile, the companies that resisted the negative trend were: Mirgor (+1,5%) y Galicia Financial Group (+0.6%). Despite these strong losses, measured in pesos The selective closed the week with an advance of 7%.
This Friday A sharp decline in the CCL dollar was evident, which fell 4% to $1,231.30 (-5.8% in the week). For said reason andl S&P Merval measured in foreign currency advanced 13% in the week to US$1,018.13a level not seen since mid-2019. Consulted by Scopethe financial analyst Daniel Osinaga express: “I see the shares as very firm, today’s declines are due to the CCL alone but the ADRs are mostly green.”
Why did the CCL dollar fall and what can we expect?
The Cash With Settlement dollar (CCL) and the MEP recorded their biggest daily drop in two months and one of the causes was that on the previous day the Central Bank (BCRA) awarded US$2,454 million in the fifth BOPREAL tender. As he mentioned to Scope the economist and director of Analytica, Claudio Caprarulo, “BOPREAL serves as mechanism to stop the rise of the CCL”.
As for what may come, Osinaga said: “The BOPREAL tender obviously helps but You have to understand that the dollar is expensive in historical terms and that the normal thing is that it constantly loses against inflation. Does this mean that it will not be a refuge in 2024? From my perspective I can say that it is not going to go down, what is going to happen is that it simply “It’s going to rise at a much lower rate than inflation.”
Wall Street: the thermometer of Argentine stocks
“The ADRs were not bad abroad, but they were destroyed locally due to the exchange rate”he told Scope, Rafael Di Giornodirector of Proficio Investment. Thus, the Argentine companies listed in New York closed with the majority of increases, the main ones were for Galicia Financial Group (+4,7%), BBVA bank (+4,2%), y Free market (+3.3%). The falls, meanwhile, were led by Take off (-3,3%), Loma Negra (-1,4%) y Cresud (-1%).
What did this last week leave us in equities?
For I proceed, The largest weekly flow was in the banks, with increases greater than 20% in dollarswhich led to Galicia and Banco BBVA being among the only ones to finish in the green this Friday on the local stock market.
“The most punished were those companies that some investors use as a currency hedge, such as Ternium, which fell 5.5%”the report revealed.
Money is a broker, In the coming days it will be important to see the evolution of the CCLsince, although they remain optimistic in Argentine stocks in the United States, The financial dollar sets the pace of local operations.
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