ADRs increase up to 4.8%, but country risk posts fifth straight rise

ADRs increase up to 4.8%, but country risk posts fifth straight rise

Meanwhile, the Argentine stock market rose due to pending purchases among institutional investors, in a market conditioned by external weakness in the face of signs of a global recession.

The S&P Merval advanced 2.6% to 149,508.14 points after hitting 148,452.17 units during the day last Thursday.

The main advances were noted by YPF shares (+5.4%), followed by Banco Macri (+5%) and Cresud (+4.4%).

In the face of the general decline in the major international stock markets, operators are not ruling out short-term profit taking.

The agency said in a statement on Monday that the International Monetary Fund reached an agreement at the officials level in the second review of the fund’s expanded program with Argentina in exchange for 44 thousand million dollars.

While, The Managing Director of the International Monetary Fund said on Monday that she had an “excellent” meeting with the President of Argentina, Alberto Fernandez, in New York. Georgieva said on her Twitter account that they discussed the importance of implementing a decisive program to combat inflation and promote stability for the sustainable and inclusive growth of Argentines.

Argentina’s economy will grow by 2% with annual inflation of 60% in 2023, according to the draft budget that the government sent to the National Congress on Thursday evening. In the midst of a sensitive financial crisis, the country will grow by 4% and the inflation rate will reach 94.5% in 2022.

Bonds and State Risks

Monday’s dollar bonds are running with the majority of increases, up to 2.5%, led by Bonar 2041 (+2.5%), followed by Global 2041 (+1.8%) and those of Bonar 2038 (+1.2%).

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Meanwhile, country risk as measured by JP Morgan banks rose two points, or 0.1%, to 2,385 units.

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