Business The S&P Merval finds no floor and suffers its...

The S&P Merval finds no floor and suffers its third drop in a row; low country risk 1.1%

“The financial sector is the one that has been mobilizing the stock market (…) although the local market is lacking investment”, said Rubén Pasquali, a stockbroker.

Operators remain attentive to the entry of the budget project for 2021 to the Chamber of Deputies, in which a fiscal deficit of 4.5% of GDP and a growth of the economy of 5.5% for next year would be estimated.

ADRs

On Wall Street, Argentine stocks operated without a homogeneous trend, after a start with a majority of losses.

As in recent days, the financial sector registered the worst performance, with setbacks up to 3%, led by Grupo Financiero Galicia. On the other hand, Telecom papers led the advances, with a rise of 5.1%.

It comes amid a positive tone from Wall Street, after good data from China revived optimism about a rebound in the economy and as investors wait for more stimulus from the Federal Reserve, which began its two-day monetary policy meeting.

The Dow Jones Industrial Average rose 0.5% to 28,139.76 units; the S&P 500 index was up 0.7% at 3,407.73 units; and the Nasdaq Composite added 1.2% to 11,193.96 points.

Risk country and bonuses

In the fixed income segment, the new dollar bonds showed a slight improvement due to selective purchases, despite the fact that international investors are fleeing the country risk after the recent debt swaps, they say in the market.

While the rise was 0.2% as a general average, the country risk index lost 11 units to 1,109 basis points according to JP.Morgan’s measurement.

The hikes were led by Bonar, being the redeemable in 2030 one of the most important securities of the new market. On Monday, dollar bonds debuted, with reduced liquidity.

Argentina finalized days ago a local and foreign debt swap for more than 100,000 million dollars. In addition, it is in full negotiations with the IMF.

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