On an atypical Tuesday for the surprise national holiday to celebrate with the Argentine Soccer Team, the local market moved in reduced hourswith mixed results.
The unexpected decree of the national holiday known in the last hours of Monday limited the operations of banks and the main players in the market. In BYMA, the negotiation of all the modalities was extended until 12, while that of passes and sureties was carried out until 15. Meanwhile, in Matba/Rofex, the financial futures operated until 12:00.
On the exchange front, The Central Bank interrupted its buying streak and he had to sell US$ 31 million, in a restricted session and with limited volume. Abroad, Argentine stocks and dollarized bonds soared.
Until Monday, the monetary authority had bought US$ 768 million of the more than US$ 1,900 that the farm has liquidated in the first 20 days of the second part of the “Dollar Soja” program.
Gustavo Quintana, from PR Corredores de Cambios, explained: “A wheel limited in its development due to the holiday compressed the volume traded in all market segments.” While on Monday US$ 108 million had entered for the soybean dollar, this Tuesday the soybean dollar barely traded US$9 million and the BCRA had to part with US$31 million.
In the parallel market, the Dolar bluewithout reference to the official dollar, advanced one peso, to $326, and surpassed the MEP or Stock Market dollar, which advanced 1.3% and closed at $325.
The counted with liquidation, by contrast, fell back to $330.95. Both financial and informal dollars stay away from the ceiling imposed by the “Qatar dollar”, which settled at $360.
Abroad, without the time restrictions of the local holiday, Argentine stock prices soared. Bank and energy papers led the rises and were BBVA, with a jump of almost 9%, Grupo Financiero Galicia, which ended with a rise of 7.7%, and YPF, which advanced 6.8%, the group of Argentine companies that settled on the podium of improvements.
Although this month the improvement in the ADR of the state oil company is still modest, its paper is the one that earns the most on Wall Street since the beginning of the year: it accumulates a rise of 122% in hard currency.
The Merval index, which traded just an hour before its provisional close, ended with a 2% improvement. The main indicator of the Buenos Aires stock market presents a gain, measured in pesos, of 103.3% in 2022 and, if it is measured in dollars at the cash price with settlement, a gain of almost 24%,
For their part, bonds in dollars also closed the round in the international market mostly with a positive sign, with Bonar 2041 as the most outstanding, which rose 1.8%. In recent weeks, Argentine debt has experienced a solid improvement, accompanying a more optimistic outlook for all emerging country bonds.
Thus, although the prices of the bonds have not yet managed to erase the red prices that they have accumulated since January, they have returned to the levels they had in May of this year, long before the departure of Martín Guzmán from the Ministry of Economy. In this context, the country risk, which is measured by the JP Morgan bank, fell to 2,113 basis points,
“A mixed behavior, with the ADRs this time more sustained while the bonds in dollars are calmer, exhibited the domestic assets abroad during the local holiday after the consecration in the World Cup and already touring the last rounds of the year,” said the economist Gustavo Ber.