The tranquility of foreign markets was crucial for the local market to have one more day to measure with a slight rise in the dollar, the stock market and a new low country risk, which meant that the price of debt securities improved.
Wall Street has linked its fifth consecutive rise and there is hope in the bonanza of the balance sheets that continue to enter the United States Stock Exchange.
In this framework, the wholesale dollar, which is a reference for the whole economy, rose only 4 cents to $ 37.23 and continues with a notable delay in its listing, despite the fact that the Central Bank bought again $ 75 million. But sell anxiety to cover loans, pay suppliers or do directly carry trade with fixed terms, it is impossible to sustain any increase in the currency of the United States.
The rates continued to fall, but are still attractive for a month in which inflation of 2.5% is expected. That is paid more than 3.5% of the fixed monthly term for 30 days with a fall of the dollar, tempts the investors.
Because The game of the Central Bank is not only to reduce rates, but to dry more and more pesos to the square. This time he auctioned out 185 billion Liquidity Letters (Leliq) and the maximum rate granted was reduced by no less than 1.36 points to 50.39% per year. The average rate fell 1.28 points to 50.02%. It is the highest rate correction since this system reigns. The Central acted with the impunity that in the square there are no pesos available for dollars, because the companies must make other payments more urgent. This bidding allowed him to deepen the problem for the private sector and business because he withdrew $ 33 billion from the Monetary Base. In three days the Central has recovered everything that has expanded and something else since January 18.
In addition, today the Treasury has placed $ 1.1 billion in Letes in dollars that expire on September 13 of this year (after the national STEP). It renewed 89% of the next due date and paid a fee of 4.5%. At the previous expiration, the renewal was 100 percent.
The dollar in banks and exchange offices was sold to the public at 1 cent less, at $ 38.25, and the "blue", where there are almost no operations, fell 30 cents to 37.30 pesos.
Reserves increased by $ 116 million to $ 66,961 million. The revaluation of foreign assets was minimal: only 1 million and another million were paid to Brazil. The gain is explained by the purchase of US $ 75 million to keep the exchange rate alive. Central is a buyer of dollars in solitude.
On the other hand, as investors took on more risk in the United States, gold growth was negligible and US Treasury Bond prices, now yielding 2.72%, fell again. This scenario, together with the increase in Bonar 2024, Argentina's reference debt of 0.54%, allowed the reduction of country risk by 2.31% to 633 basis points. A level that has increased but that means a setback of 200 points of the maximum that had arrived a few months ago.
The stock market continued its euphoric rhythm. With $ 862 million in business – it is approaching volumes of excitement – S & P Merval, which measures leading stocks, rose 0.88% and closed at the peak of the day. Shortly after noon, at worst, the fall was 0.52%.
Electricity companies with spasmodic increases continue to amaze. This time I touched on Pampa energy (+ 5.27%). The drop in oil did not hurt much. Petrobras rose 0.36% and YPF 0.41%. BYMA, with 2.81%, was another of the featured papers.
In the US market, the Argentine ADRs – certificates of ownership of shares quoted in dollars – had another great wheel. Only three articles had losses. The most important was that of IRSA Comercial Propiedades with 3.42%. Among the winners, Pampa Energía stood out with 3.61%.
Money being dumped in some sectors of the stock market, especially oil, is boosting purchases and returning splendor to a market that has lost 50 percent of its dollar value over the past year.