:quality(85)//cloudfront-us-east-1.images.arcpublishing.com/infobae/BFVKYJXBHL67Z5CLNNMOKMXRSI.jpg "Markets: the stock market falls and Argentine bonds support their prices, without impulse from Wall Street")
The Argentine Stock Exchange is operating with prices falling on Tuesday under the impetus of the sales force of the papers of the state oil company YPF, in a round where investors are closing positions for the end of the month.
Financial day: As the government seeks to ease the reserve target, bonds rose and the free dollar fell
Global stocks rose 1.9% on average and country risk fell to 1,966 points. The free dollar fell two pesos, to $377, and the exchange rate differential narrowed to 92.5%. BCRA bought 33 million USD from MULC
index S&P Merval of the Buenos Aires Stock Exchange 1.5% subtracted, within 246,600 points at 1:45 p.m., after gaining 0.9% in the round on Monday. YPF shares fell 2.2%, being one of the benchmarks in the market.
During the month of February, the leading panel of the Buenos Aires Stock Exchange led to a drop of 3% in pesos, unlike January, when it climbed a firm 25.5% in pesos.
Operators consulted by Reuters They await signals from the IMF, part of a deal in which the government hopes to secure a reduction in the required volume of Central Bank reserves, at a time when drought in the countryside complicates the liquidation of dollars, plus the projection another rate hike by the US Federal Reserve (Fed).
Financial day: Argentinian stocks resisted sharp falls on Wall Street
The New York indices fell 1.7%, but the S&P Merval completed a bullish round of 0.2%, at 248,540 points. Dollar bonds fell and country risk rose to 1,996 points. BCRA sold 28 million USD to MULC
The bone dollar bonds gain 0.2% on average, according to the Wall Street Stock Exchange Global stock benchmark, while the countries at risk of JP Morgan goes up six whole numbers for Argentina, to 1,963 stitches basic.
Dollar-denominated sovereign bonds continue to be positive, “as investors took the government’s announcement of new reserve accumulation targets for this year as positive. This clears the horizon in the coming months and rules out the possibility of a complication of the economy in the midst of the electoral process”, explained the experts of Search for merchants.
The BCRA made another minimum purchase in the market and recorded two rounds of no sale
The entity was raised with $4 million for its participation in the exchange. In February, it records a negative balance of $911 million in the MULC
With regard to a possible reduction in the objective of increasing net reserves negotiated between the government and the Monetary Fund International (IMF), from the Ministry of the Economy, indicated that the relief will be substantial, since the objectives for the last quarter of 2022 have been met. Although it will allow the country to continue the program without requesting a to renouncer or pardon in case of default.
The government had agreed with the IMF that net reserves would increase by $5.5 billion by the end of March and by $9.8 billion by the end of the year. And apparently these goals are not being met, given the series of sell-offs by the Central Bank due to its interventions in the foreign exchange market.
In the second round of the latest tender in February, the Economy Ministry captured some $12,867 million in cash through the placement of three peso letters. In this way, the Treasury was able to renew the February maturities without problems and ended the month with a net financing of 183,821 million dollars. In the first two months of 2023, the Treasury has already reached a rate of to roll by 139% and it was possible to accumulate $402,822 million above the deadlines.
The car manufacturer Stellar announced on Monday that it has invested $155 million in the purchase of a minority stake in a copper mine in Argentina, as part of its efforts to secure raw materials for electric vehicle batteries.
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