Merval sells 0.5% under pressure from world markets

After two consecutive rises, the Merval Index of Argentine Stock Exchanges (BYMA) fell by 0.5% on Thursday, in line with its peers outside, mainly affected by the decline in shares of the financial sectors and energetic.

The main panel fell to 26,917.38 units. The largest losses are recorded by Grupo Financiero Valores (-2%); Supervielle (-2%); and Pampa Energía (-1.9%).

"We continue to argue that the Merval will continue to be under pressure in the near term, where volatility will continue to be observed in badets," said Agustín Trella, director of Balanz. [19659003HierleMervalahasincreased1%to2704446pointsondaydayofbusinessbusinessbyreadinginvestors'presenceofsuccessfulofthelocalfamilypanel

"From January to now, Argentine shares have fallen to 40% in dollar terms, but the fundamentals have not changed much, and what is relevant is that this is the case. is that this change of fundamentals, for us, does not justify such a sanction ", badyzes the director of Personal Portfolio, Matías Roig.

In this context, Roig pointed out that there are "cheap valuations, in addition, that Argentina will be part of the panel of emerging countries from next May, which ensures a significant flow of funds ".

• Bonds

In the fixed income segment, the major dollar securities (quoted in pesos) operate with generalized increases, due to the advance of the US dollar over the wholesale market. 19659003] Thus, Bonar 2024 raises to 0.3%; the 2020 Bonar, 0.6%, while the discount in Argentine law climbs by 0.8%. For its part, the country risk, measured by the JP Morgan bank, stood at 578 basis points

"In dollars, we see greater stability, and we see that several investors have started over the past 10 days to search for peso badets such as inflation-adjusted or Badlar-adjusted bonds that had become very cheap ", commented Roig.

For the traditional investor, he recommended, there is still a demand for dollars, to keep short-term dollar bonds, a term that expires next year, or medium-term securities such as 2022, or 2024 with rates that today range from 5% to 7-7.5%.