The Argentine stock market rose on Wednesday led by the improvement noted in energy and financial stocks, in a price readjustment after holidays in the last two days due to Carnival, a period in which local ADRs rose by the New York square.
“The increased appetite for emerging markets contributes to a rebound in ADRs, under a still friendly global climate,” said Gustavo Ber, economist at Estudio Ber.
The S&P Merval index of Buenos Aires advanced 2.16%, to 52,577.55 units, at 11:05 a.m. local time (1405 GMT), where the shares of Grupo Financiero Galicia grew 3.1% and the titles of the state oil company YPF improved 1.91%.
Investors’ attention is focused on the country’s negotiations with the International Monetary Fund (IMF) to reach an extended facility agreement.
“Having passed the YPF swap, the short / medium-term driver that is gaining more prominence now are the government’s negotiations with the IMF,” said Portfolio Personal Inversiones.