In recent days, the Bases Law has been making progress in Congress, with it being approved by Deputies and now under discussion. As this happens, Argentine stocks are seeing new increases, while bonds are falling. The Merval in Buenos Aires has advanced by 1.5%, while the index of actions in New York has risen by up to 3%.
The positive trend in Argentine stocks is attributed to good results from the previous day, particularly within the banking sector where banks saw increases of up to 9% at the local level due to the reopening of mortgage loans. Among these gains, Banco Galicia stands out with a 3% increase. However, there are some losses among certain stocks such as Despegar, Globant, and Loma Negra.
On the other hand, public securities are falling on average 1%, with bonds experiencing a decrease of up to 3.7% in the AL 41 bond. Despite this, there have been positive trends throughout April so far, with the JP Morgan country risk indicator showing a decrease of 16% since its start of month value. The Merval has advanced by 9.3%, ADRs rose by up to 27%, and bonds also improved by an average of 9%.
The negotiations between the government and opposition have been seen as positive by investors due to their focus on recovering Income Tax from governors. The blue dollar has dropped by five pesos while financial dollars have increased slightly at cash with liquid (0.2%) and MEP (0.6%). Meanwhile, the official dollar has corrected by just over half a percent and closed out April at $877 after rising significantly at wholesale level (by an average of 25%) for both April (84%) and year-to-date (148%).
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