/cloudfront-us-east-1.images.arcpublishing.com/infobae/PUUFIA7ZWDQT4ZSBEMRLRVSBH4.jpg?fit=%2C&ssl=1 "In June the gap between the official dollar and alternative prices narrowed 15 points")
It closed June and Argentine stocks and bonds consolidated the improvement, while the stock parities of counted with liquidation and MEP fell up to 9 pesos, in a framework of stricter controls since May 29, to cut the gap with the wholesale dollar by about 15 points and stay below 50 percent.
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At the same time, the official dollar maintained its slow but continuous rise, which was reflected in a 3% increase in the interbank dollar in June, while the dollar to the public is approaching 100 pesos, after ending the sixth month of the year at $ 96.32 (+ 4.7% in June) in the average of banks for the surcharge of 30 percent.
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Against the collapse of the stock market dollar, Argentine shares gained 2.3% in pesos and 11.7% in dollars in June, while bonds in foreign currency advanced 6.6 percent.
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This Tuesday, Argentina’s bonds and stocks traded with losses in a market that is still waiting for news about the government’s dealings with creditors to restructure some 65,000 million dollars.
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Sovereign dollar bonds subtracted 1.3% on average. And the ADRs of Argentine companies that trade in dollars on Wall Street lost up to 6%, with casualties led by the papers of Grupo Galicia, Banco Macro and Edenor.
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The index Dow Jones Wall Street Industrialists rose 0.8% to 25,811 points, and bounced a 17.8% between April and June, after the collapse of the valuations in March, when fears about the coronavirus and an economic recession shook the financial markets. The Dow Jones still loses 9.6% since the beginning of the year.
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In the second quarter of the year, Argentine ADRs advanced 32.5% in dollars, and bonds in foreign currency, 50% on average, after collapsing at its lowest prices since September 2003 in March this year. So far in 2020, dollar bonds are down 18% and ADRs are 33.5% on average.
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The government of Alberto Fernández The deadline for negotiations with creditors, which now focus on legal rather than financial issues, has been extended to July 24, according to analysts.
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He risk country of Argentina, measured by the JP Morgan bank, rose 24 units to 2,494 points basic at 17, time of completion of the stock market operation.
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For its part, the bonds in the Electronic Open Market (MAE) they dropped 0.4% in pesos, cutting the improvement obtained in the sixth month of the year to 5%.
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“Beyond growing speculation about the next presentation of an offer by the authorities, which would have the support of at least some creditors, operators respond cautiously“He commented Gustavo Ber, Senior Analyst at Estudio Ber.
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He added that “this is because signals are expected from the main groups of bondholders” to see if there is a long-awaited agreement between the parties.
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On the Buenos Aires Stock Exchange, the leading index S&P Merval fell a strong 4%, to 38,686 units, headed by the losses registered in financial actions. It closed June with an increase of 2.3%, after improving 15.5% in May.
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The end of the month caused operators to search for position levels according to the asset holdings in their portfolios.
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In the exchange market, the wholesale dollar resumed the marginal increases supervised by the Central Bank. The currency closed at $70,46 and a profit of six cents. In June, the wholesale dollar rose 2.8% and in the first half of the year, 17.6 percent.
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In the last month, the blue dollar had been out of phase with the fall in the implicit parities in the stock prices with cash settlement and MEP, which closed at 104.14 and 100.52 pesos, respectively, at their lows in two months and medium.
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