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Batch bag: S & P Merval was the best month since October 2015



BYMA's leading panel flown 21% in hard currency and 20.1% in pesos in January, and shares rose to almost 33% in foreign currency.

It happened with. T. Galicia; followed by Banco Macro (+ 31%); and Transener (+ 27.6%).

Among the factors that contributed to the stock market in January, we can mention the strong recovery in international markets due to the expectation of a tendency to change interest rates in the US.

The Fed left unchanged rates on Wednesday and withdrew its commitment to "new gradual increases". The President of the Authority, t Jerome PowellHe said that over the last few weeks the arguments for raising rates were "weakened".

"This has allowed significant capital development in new markets, including with the great Brazilian force to accept President Jair Bolsorano, which made it possible for leakage to Argentina," analyzed by MB Inversiones, Director of Diego Martínez Burzaco.

In this context, Argentina was one of the most important markets in the world in January, but because it was also hardest hit in 2018.

"Compared to the basic principles of business and especially the risk of bond yields, there were quite unfair prices.", added Burzaco.

At the local level, it also helped the Central Bank to keep the exchange rate in order to reduce the reference interest rate, which fell below 54% in January, faster.

In the same market, analysts are cautious about the increases recorded in January and suggest that they be "cautious" as they are still awesome in January 2018, and how fast they changed their expectations in the opposite direction, with a terrible peso devaluation.

Last wheel of the month

For this Thursday stock index rose by 0.8% in fourth session, to the recording circuit 36,326,292 points after marking the maximum daily historical level 36 491.61 units.

The best daily routes were Cablevisión (2.4%), Comercial del Plata (+ 2.4%); and Galicia (+ 2.1%).

Once again, the good results of the benchmark markets continued to affect local services.

US stocks increased significantly as strong Facebook results strengthened market optimism after moderate Federal Reserve notes in the previous session, as investors are waiting for the results of US-China talks.

S & P500 increased by 0.9% and Nasdaq Composite increased by 1.4%; On the other hand, Dow Jones Industrial Average lost 0.02%.

Fixed income and country risk

In the fixed income segment, however, dollar bonds rose sharply following the Federal Reserve's decision to keep the stakes and to admit that it would be patient for future growth.

100-year bond and Argentina 2027 increased by 2.8%; and discount, 2.1%.

Finally, the risk of the Argentine country, measured by JP Morgan, low this Thursday 18 base points to 670 units.


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