Physical Address

304 North Cardinal St.
Dorchester Center, MA 02124

S&P Merval gives way due to a new decline in the CCL and has its third fall in a row


February 16, 2024 – 12:39

This occurs within the framework of a day in which President Javier Milei revealed that in June of this year he could eliminate the dollar stocks as the previous step to dollarization.

Depositphotos

He S&P Merval falls off this Friday, February 16, and deepen a bearish trend that already chains three negative wheels in a row. This occurs within the framework of a day in which the president Javier Milei revealed that in June of this year could eliminate the dollar stocks as the previous step to dollarization.

In this framework, the stock index yields 0.8% until the 1,085,574.91 basis pointsalthough in dollars it advances 0.2% until the US$949.26. The stocks that fall the most are those of Edenor (-2.9%); Pampa Energy (-1.9%) and Macro Bank (-1.4%). Among those that rise the most are those of Transener (+1.6%), Northern Gas Carrier (+1%) and Mirgor (+0.7%).

The bag comes from scoring its intraday record in pesos to start of monthalthough broke the bullish path of funds with the legislative defeat of the Government in Congresswhere his omnibus law was rejected, through which he sought to lay the foundations for a broad economic deregulation promised during the campaign.

Argentine shares on Wall Street

For its part, the papers of Argentine companies listed on the New York Stock Exchange operate with most rises. Which the more they go up are led by BBVA (+2.1%), followed by Telecom (+1.3%) and Galicia Financial Group (+1.2%). Meanwhile, among those that fall the most are those of Free market (-1%), Bioceres (-0.7%) and Take off (-0.2%).

The S&P Merval rose in dollars: markets pushed by the inflationary slowdown?

This Friday, the president Javier Milei revealed that in June of this year it could eliminate the dollar stocks as the previous step to dollarization: “The estimates of International Monetary Fund (IMF) they say that we can open the stocks in the middle of the year“.

Meanwhile, the financial dollars They continue to rise and once again put downward pressure on the shares of the Buenos Aires stock market. To the bullish streak of MEP dollar and the CCLthe data of inflation published last Wednesday, which was just below market expectations.

Market operators refer to a some calm in the markets to the possibility that the Government has managed to impose its economic plan despite the fact that it has not achieved parliamentary agreement to carry out the structural reforms he intended. At the same time, it also influences rumors getting stronger for the liberal-libertarian government to reach a possible alliance with the PRO.

On the other hand, the oil company View -the second unconventional hydrocarbon operator in Argentina- reported the day before that its Proven oil and gas reserves increased by 27% in 2023while the daily production grew by 14% in the last quarter.





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *