Bonds drop while Merval soars and blue dollar holds steady above $1,400 without external market influence

Argentine assets had a calmer day on Thursday without reference to international markets. Stocks recovered, bonds fell slightly, and the blue dollar remained above $1,400. The New York Stock Exchange was closed due to the Independence Day holiday in the United States, so Argentine stocks did not have the external reference of ADR movements. The Merval index closed with a slight rise of 0.5%, which in dollars represents a daily increase of 0.3%.

According to Marcos Natalucci from Rava, shares traded mostly positively but with some losses. YPF (YPFD) rose 0.1%, Grupo Financiero Galicia (GGAL) ended unchanged, Pampa Energía (PAMP) gained 1.7%, and Banco Macro (BMA) gained 0.3%. Thursday’s rise represents the third consecutive recovery after the recent shock experienced by the shares.

Debt instruments moved in the opposite direction, closing with slight declines, leading to a marginal rise in the country risk to 1,523 points. Although the market expected the Central Bank to make official the implementation of the new Letter of Monetary Regulation on Thursday, the monetary authority did not express itself in this regard.

Economist Gustavo Ber mentioned that details of the new monetary plan for this stage are still awaited, particularly the additional effort required from the public accounts due to the transfer of debt from the BCRA to the Treasury. Reserves dynamics and the current exchange strategy remain crucial for the market.

With low volume, the Central Bank completed purchases for US$ 22 million in the exchange market, nearing the end of the first week of July with a positive result of US$ 79 million. The holiday in the US impacted local business volume, making it the lowest for a trading day this year.