The Buenos Aires stock market fell this Tuesday in the face of speculative movements in the face of the uncertain presidential runoff next Sunday (when Sergio Massa and Javier Milei will measure their strength). Also, the US price index remained unchanged and stood at 3.2% last month, which motivated the sharp rise in Argentine ADRs on Wall Street.
«The investors They already seem to have adjusted their positions facing the runoff, but it would be expected that volatility will increase as the elections approach, favoring those assets of a defensive nature to cover yourself from negative surprises«said the consultant Delphos Investment.
For its part, since Wise Capital They mentioned that «in yesterday’s session the S&P Merval stock index fell an average of 3.5%. Let us remember that last week it accumulated an increase of 3.6%. «The market fluctuations respond to the climate prior to the runoff, with an open end.»
This day, the S&P Merval lost 0.4%, to 634,516.27 unitsconditioned by the decline of the CCL dollar.
The leading panel actions they fell up to 3.7%, led by Aluar and Ternium (-3.4%). Meanwhile, the biggest increases were for Edenor (+3.5%) and Supervielle Group (+2.8%).
Actions that function as «hedge»
«This is the behavior of Aluar and Ternium compared to the evolution of the December dollar future. The price of the shares is deflated to isolate the inflationary effect and be able to appreciate the hedging effect,» he explained. Ignacio SniechowskiHead of Equity Research at IEB.
Argentine shares on Wall Street
The papers of the Argentine companies listed on the New York Stock Exchange almost all closed higheron a positive day for Wall Street after the result of US inflationwhich remained stable in October, and accumulated 3.2% in one year, below expectations.
On the other hand, core inflation slowed to 0.2% m/m from 0.3% in September, slowing the interannual pace for the seventh consecutive month. With this data The market is already beginning to «price» that the upward rate cycle has come to an end, with increasing chances that the next move will be a cut in the middle of next year.
In that context, The Argentine stock that rose the most in that market was Globant, which rose 5.8%. was followed by Edenor (+5.3%); Bioceres (+5.1%) and Take off (+4.8%).
For its part, the S&P500 closed up 1.9%, while the Nasdaq 100 rose 2.4%. For its part, the 10-year bond rate fell 20 basis points to 4.45%.