Argentine shares were traded at a profit on Monday, due to selective positions, after Congress approved a debt restructuring with the International Monetary Fund (IMF) for about $45 billion.
The IMF board will meet this Friday to vote on this understanding.
The S&P Merval stock index of the Buenos Aires Stock Exchange gained 1.3%, to 90,200 points at 11:40 a.m., after accumulating a 0.6% peso drop last week.
“There are good prospects for the energy sector and also for the financial sector, although with some caution, due to the issue we mentioned earlier, of the future of debt in pesos, which, at some point, will have to be resolved and we will have to be on the lead,” said a report by Portfolio Personal Inversiones.
Wall Street indicators were trading with drops in a range of 0.3% to 1%, pending increased global tensions after Ukraine challenged Russian demand for its forces to lay down arms before dawn on Monday in Mariupol hit world markets.
The Russian invasion of Ukraine triggered international oil prices, which on Monday climbed 5% for the Texas barrel traded in New York, fueling fears of higher inflation and lower global economic growth.
“Our stock market 'neither falls nor rises, 'registers a very particular situation, it does not go to the extreme, it avoids default with the IMF because the opposition in Congress did not allow it. It is already warned that the government is uncomfortable, it needed the approval of the 'agreement', but at the same time it highlighted the crisis unleashed within the ruling coalition. The basis is, with the IMF in disgust and in agreed order, but still nothing at all,” said Jorge Fedio, analyst at Clave Bursátil.
Global bonds - in dollars with foreign law - lose 0.2% on average. In the course of March, these restructured public securities yield 4.5 per cent.
JP Morgan's country risk, which measures the rate gap for US Treasury bonds with similar emerging issues, reaches 1,790 basis points.
Allaria Ledesma's experts indicated that “world markets fall at the beginning of the week as fighting continues in Ukraine with no sign of a ceasefire, even as diplomatic efforts continue.”
“However, a Kremlin spokesman said that the peace talks have not progressed enough for a meeting between the presidents of Russia and Ukraine to take place,” they added.
“Russia's war against Ukraine is already entering the fourth week, the Western world's sanctions against Russian aggression are sharpening, at the same time Putin in the face of the world exhibits weakness, showing only destruction, without territorial domination and huge losses on the front lines, both in troops and in war material. Desperate is looking for foreign reserves as well as allies, he used too much of his arsenal without any conquest,” said Jorge Fedio.
“The invading military controls the main roads, but they haven't taken control of any of the country's major cities, except one. They faced multiple logistical problems, and independent sources report huge losses of war material, in addition to the use of a much larger number of combatants than initially expected,” explained Mariano Bartolomé, member of the CESIUB (Center for International Studies at the University of Belgrano).
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