On this holiday at the local market, Argentine papers fall in global markets. The bonds register a retraction of around 0.2%, after having shown sustained increases last Thursday and Friday following the approval of the Bases Law in the Senate.
The negative trend is felt in the shares, which had already begun to fall last Friday, when a correction in prices after the jump of up to 11% that they had on Thursday after approval of the law.
The most marked casualties were recordedto Pampa Energía, with a drop of 3.5%. Above 3% are the declines of Supervielle bank, Transportadora Gas del Sur and Irsa.
Only Tenaris (1.7%) and Corporación América (0.4%) have positive data in this wheel. So far in June all ADRs are in the red, with Cresud showing the worst result with a decline of 17%.
In these falls, Argentine assets distance themselves from what happens with North American assets, with the Dow Jones rising 0.3%.
“The main ADRs currently register average decreases of 1.5%, with the correction having its epicenter in banking and energy papers,since they continue to be those preferred by operators to quickly manage exposures,” indicated economist Gustavo Ber.
“Bonds are also weaker and so they lose an average of 0.2% in their dollar prices among the main references with NY legislation, even though the analysis of positive scenarios that would leave a strong upside if the ordering of the economy is extended among investors,” he noted.
“During the local holiday, ADRs and bonds in dollars appear more cautious after the positive reaction unleashed by the approval of the Bases Law and the fiscal package, even though some relevant chapters must continue to be discussed in Deputies, since it is considered a political and also economic victory to consolidate the fiscal balance,” Ber added.