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The S&P Merval accumulates a weekly drop of more than 13% amid the failure of the omnibus law


February 9, 2024 – 14:29

The fall is explained by the investment uncertainty generated by the failure of the omnibus law, promoted by the Executive, in Congress.

Argentine News

The leading index of Argentine Stock Exchanges and Markets (BYMA), the S&P Merval It rebounds this Friday, February 9, but in the week it accumulates a red of 13.4%. The fall is explained by the investment uncertainty that generated the failure of the omnibus law, promoted by the Executive, in Congress.

On this day, the Buenos Aires index rises 2.2% to 1,140,432.20 pesos and the main increases are Silver Commercial Society (+6.9%); Northern Gas Carrier (+3.8%); Telecom (+3.8%); Central Port (+3.4%) and YPF (+3%). However, none of the leading panel’s stocks fall.

On Thursday, the local index fell 3.2%. The energetic Edenor and Transener They led the declines with 8% and 6% respectively. Regarding the closure, the action of YPF was the one with the best performance with a marginal decrease of 0.6%.

“Political issues hit the investor mood, which seeks to make quick profits”said an operator and pointed out that “underneath the market is attractive and it is a good time to take positions.”

The Argentine Congress this week rejected many of the articles of the controversial omnibus bill, promoted by the Executive, which returned to zero and then the Government asked to withdraw it. After the parliamentary defeat, the next steps of the administration of the libertarian president are expected Javier Milei to implement the reforms proposed in his campaign.

Argentine shares on Wall Street

The papers of Argentine companies listed on the New York Stock Exchange operate with generalized increases, led by Bioceres (+4.4%); Central Port (+3.6%); YPF (+2.4%) and IRSA (+2.1%). Meanwhile, the only one that goes down is Take off (-1.2%).





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