The Merval rose 5.3% driven by Petrobras shares

In a day where the dollar did not find a ceiling and closed almost $ 40, the Merval index of Stock Exchanges and Argentine Markets (BYMA) consolidated a new strong rise on Thursday with a rise of 5.3% and reached 26,754.85 units, driven by the actions of the oil companies.

Among the stocks that appreciated most were those of Petrobras in Brazil with an increase of 13.5%, followed by Grupo Supervielle (+ 11.7%) and Pampa Energía (+ 9.7%). Meanwhile, among the shares that depreciated are those of Distribuidora de Gas Cuyana (-4%), Edenor (-3.8%) and Transportadora de Gas del Norte (-2.8%).

“It was a very nervous day in the city of Buenos Aires and it gave all the impression that the violent advance of the greenback (it shot up 15.6% to $ 39.87) had the characteristics of overshooting (overreaction). The climate of mistrust about the economy in general continues, “said analyst Eduardo Fernández.

On the other hand, the economist Gustavo Ber indicated that “the local assets faced another wheel where the panic took control of the operators after the last political signals in front of the crisis, which untied a strong wave of sales and a tremendous jump of the dollar, Although the ADRs plummeted to 12%, with epicenter as usual in banks and energy, under a volume that also continues to expand which becomes a negative technical signal.

He stressed that “the economic focus is concentrated in an accelerated reduction of the fiscal deficit, reaching a balance in the exchange market without more interventions that resign reserves and grant absolute clarity on the financial program to urgently reduce the country risk”.

The volume traded in shares reached $ 1,710.7 million pesos (US $ 42.8 million).

• Bonds

Another day of strong deterioration registered the bonds, with country risk shooting above 770 basis points as the lack of details on the advances of IMF funds and the financial program continue to arouse growing concerns among investors.

The Bonar 2024 dropped by 10.5%; the 2020 Bonar, 8.8%; the Discount under Argentine law, 9.1%; and Argentina 2037, 11%. While, in the securities listed under the New York law, losses of up to almost 6% were recorded.

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