The S&P Merval dropped 2.1% due to pre-emption


Contrary to the reference markets, the Z & P Major Index of Argentine Stock Exchanges and Markets (BIMA) Closed at 33.393.81 points, After advancing 4.3% on the two previous wheels.

The main falls of the day are recorded by the newspapers Central Puerto (-5.6%); Telecom (-5.2%); Banco Francés (-4.7%). The volume traded in shares reached only $ 660 million.

In the square, they argued that the decline of the dollar in the local plaza also contributed to the momentary hold of these actions.

"Beyond the greater independence of domestic assets exhibiting the correspondingly more cautious external climate, the constant dynamic recovery will be associated with political (local) signals" Explained at the operating tables

Next month The political parties will have to define their candidates for the primary elections in August.

At the same time, the threat of a global risk obstruction could once again pressure on local stock and bones prices, since electoral noise and local economic uncertainty do not allow us to anticipate a permanent isolation, operators say.

Despite the loss this Friday, The S & P Merval accumulated a 3% rise in Pesos during the week of a hard week for the world's stock markets.

Meanwhile, the shares of Argentine companies listed on Wall Street ended with a majority of casualties, where the main falls were Central Puerto (5.7%), Banco Francés (-4.9%), Telecom (-4.3%), IRSA (-4.0%), among others.

These profits are only for Mercado Libre (2.8%), the city of Porta del Sur (0.6%), Loma Negra (0.2%) and Turin (0.2%).

At the weekly report, Isaac Fainstein, member of the CFA Society Argentina Coordinator said, "The mercenary continued its rally last week, the exchange rate has a share of volatility, but remained relatively calm, thanks to the IMF's firepower. Given the BCRA by allowing it to intervene within the non-intervention zone. "

Diego Martínez Burzaco, director of MB Inversiones, explained that there was a certain turning point this week in the currency sense. "We had a quiet week of the exchange rate, with the announcement of the BCra a little private offer and the exchange market being balanced".

On the side of the capital markets, the director of MB Inversiones analyzed that there was a certain interest in Argentine papers abroad as a result of their low valuations and Argentina's entry into emerging markets in the coming days.

"Some funds bought opportunity papers, in a short-term context due to the political challenges that are on the horizon" He commented.

Bonds and land risk

Meanwhile, Argentinean land risk-produced by JP JP Morgan Seven units fell to 895 basis points, After touching at the end of April at 1,012 points, maximum value since the beginning of February 2014.

In this framework, US dollar sovereign debt averaged 0.2% against a 3.4% rise in the five previous sessions.

"Over the curve, we saw slight changes in prices in both directions with slight increases in chains with durations up to 3 years, while the long haul showed variations -0.1% and -0.2%., Commented on by Portfolio Personal Inversions.

Burzako added that there was some recovery in the short, medium and long bonds due to the decrease in land risk.

On the side of the chains in pesos, "there were more marked drops in some of the chains, but the buddy was unnoticed," they said.

"The CDS (credit default swap, a market closely followed by market analysts) continued to improve, approaching 1,100 basis points, out of the 1,347 peak peaked at the end of April, with debt pick up in the local market: IPF LUs increased $ 75 million at 10.24% and IRSA I & R placed $ 96.3 million at 10%, "Fainstein said.

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