Without reference to external markets, bonds fell, the Merval rose and the blue dollar remained above $1,400

Without reference to international markets, Argentine assets had a calmer day this Thursday: Stocks recovered, bonds fell slightly and the blue dollar remained above $1,400.

The New York Stock Exchange was closed on Thursday due to the Independence Day holiday in the United States, so Argentine stocks did not have the external reference of ADR movements. The Merval index closed with a slight rise of 0.5%, which measured in dollars represents a daily increase of 0.3%.

Marcos Natalucci from Rava commented: “Shares traded mostly positively but with some losses. YPF (YPFD) rose 0.1%, Grupo Financiero Galicia (GGAL) ended unchanged, Pampa Energía (PAMP) gained 1.7% and Banco Macro (BMA) gained 0.3%”.

However, Thursday’s rise represents the third consecutive recovery after the shock experienced by the shares between the end of the month and the first round of trading in the week. Debt instruments moved in the opposite direction, closing with slight declines, which led to the country risk rising marginally to 1,523 points.

Although the market expected that this Thursday the Central Bank would make official the implementation of the new Letter of Monetary Regulation, which between Friday and Monday activated the alerts of the investment world, finally the monetary authority did not express itself in this regard. According to what was learned Clarion The technical aspects of the standard are still being discussed with the banks and the various government actors.

Economist Gustavo Ber said: “We are still waiting to learn the details of the new monetary plan for this stage, and above all the additional effort that will be required from the public accounts as a result of the transfer of debt from the BCRA to the Treasury.”

“Answers are also being sought regarding the dynamics of reserves, especially in light of the continuity of the main guidelines of the current exchange strategy (blend, crawling-peg), since accumulation over time continues to be crucial on the path to exiting the currency controls after the clean-up of the BCRA’s balance sheet,” he said.

On a day of low volume, The Central Bank completed purchases for US$ 22 million in the exchange market. Thus, is approaching the end of the first week of July with a positive result of US$ 79 million.

According to operator Gustavo Quintana, from PR Corredores de Cambios, “Today’s holiday in the US had an impact on local business volume, the lowest for a trading day this year.”