The overwhelming defeat suffered by the government in Buenos -Aires had the expected effect for the markets. All Argentine assets are angry, reminiscent of historical collapse when Albert Fernandez won more than 14 points, being in an unmatched position to consecrate himself with a new president.
But despite all the negative load a day, there were some data that took relief when closing. The dollar settled alone, without the need for treasures and central. They confirmed from the economic team that the scheme of the exchange teams continued, and at the moment it has not been checked because the wholesale dollar did not reach the roof of $ 1470.
The cost came to the public in $ 1455, but then began to fall to reach $ 1,425 when closing the day, which was a 3.3% increase compared to Friday’s closure. Wholesale sellers closed just below $ 1,410, that is, more than 50 pesos below the stock exchange ceiling.
The behavior of the dollar with the relief of the operators, though, of course, we must monitor the next days. As long as they believe that the central roof protection of the group, which leads to other options to place weight. Especially the opportunity to use high interest rates offering the market.
The exchange market behaved better than other financial assets, in particular bonds and actions. Despite the collapse at the beginning of the day, some documents showed some more noticeable purchase orders, taking advantage of prices that are already considered more attractive after such revealed victims.
There was a clear advantage for some companies in the energy sector. The most famous case was the type of energy. It started more than 15% lower and drilled $ 32. But when he closed, he had already bounced up to $ 35, a fall that was finally 8%. In the case of the YPF red was more pronounced and ended 15% below.
But the most executed were banks. ADR organizations cited by Wall -Stritit showed prices in a free fall, as in the worst epochs. The market rightly states that the financial sector is one that has stopped worse in a critical context: from lifting lace, increasing rates and a loan that will continue for a long time. Supersielle closed at least the day, almost 24% below, Macro 23.5%, and the same thing happened with the Galicia Financial Group.
After closing the wheel, the Pampa energy catalog announced that it would allocate up to $ 100 million for the purchase of its own documents at the maximum price of $ 60, after the ADR fell to $ 56 yesterday. He announced that he had bounced the price after closing the wheel.
Something similar happened to the bonds that started by 10% below, and then partially weakened the fall, ending with equal losses from 6% to 9%.
After the initial panic, some softening appeared, which helped stop the collapse at least in part. First, the government’s commitment to support the exchange groups, avoiding the destructive dollar jumps and the whole economic exchange rate, including financial surplus.
On the other hand, there are still many for the presidential election. This means that the fear of the market for the return of Kirchnerism is not what would happen quickly as it happened in 2019.
Now all eyes point to the potential of the political reaction that the government can show. For the first time, in October there is a reasonable choice (at least avoid another severe defeat), and then the opportunity to conclude agreements with other non -Kirkhni -based blocks that provide control over the next two years.
