The Merval woke up: it climbed 3.1% (in the week it gained 4.2%)


With an uptick in the volume traded, the Merval index of Stock Exchanges and Argentine Markets (BYMA) rebounded this Friday by 3.1% to 27,625.34 units, in contrast to the reference markets affected by the fears of a US trade war. United.

The leading panel managed to show better behavior encouraged by official local fiscal signals and electoral enthusiasm from Brazil. This made some operators take advantage to selectively resume some bets in search of capturing the most attractive valuations, explained one analyst.

In this framework, the promotions were led by Cablevisión (+ 13%); Aluar (+ 6.1%); and Petrobras (+ 5.1%). YPF was the most operated (it won + 4.9%), with almost 20% of the total volume.

The amount traded recovered strongly and reached $ 653 million, 77% more than on Thursday, the day in which the lowest volume was recorded so far this year.

“Unlike other days, we noticed a better predisposition of demand when it comes to paying higher prices, it’s like the big funds seem to have stopped with their big liquidations,” they remarked from an operating table.

The market took as positive that the Government has met its fiscal targets for the sixth consecutive quarter, as Minister Dujovne announced on Thursday.

In turn, a better electoral climate in Brazil influenced – from the point of view of the market – after a group of center parties was preparing to support the candidate of the Party of the Brazilian Social Democracy (PSDB), Geraldo Alckmin. This news boosted the Bovespa, which this Friday rose 1.2% to 78,447.29 points. During the week, the benchmark climbed 2.4% unofficially.

Another striking situation was that the improvement of private papers took place in a context of reference markets with slight drops. On Wall Street, the Dow Jones gave 0.03%; the S & P500, 0.1%; just like the Nasdaq.

The escalation of trade tensions after President Donald Trump once again threatened China with more tariffs counteracted a series of robust quarterly results led by Microsoft Corp.

The Merval index accumulated, in this way, an increase of 4.2% in the week.

• Bonds

In the fixed-income segment, the main dollar-denominated securities (which are quoted in pesos) closed differently, while those denominated in hard currency ended up with increases.

Among the first, the Bonar 2024 and 2020 fell by 0.2%; while the Discount under Argentine law closed stable.

Among the latter, Argentina 2037 climbed 1.1%; Argentina 2027, 0.8%; and the 100-year bond rose 0.6%.

“It is likely that the greater exchange rate calm has contributed to public bonds rehearsing this interesting recovery,” said Rava.

On the other hand, the country risk, measured by the JP Morgan bank, fell 10 units, to 575 basis points, a 1.7.