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dual market reaction: S & P Merval fell almost 4% to 4.7% bonds jumped


The collapse of the dollar, as the official product to sell currency is still in the "zone", with very high rates in pesos – exceeded 73% – dealt a heavy blow to S & P index Merval leader Bags and Argentinos market (BYMA), which dropped to 3.9%, to 28827.37 units, The lowest level this year.

The more marked paper falls Banco Macro (-6,7%), Pampa Energy (-5,2%); and Banco Frances (-5,2%).

The only assets that have ended with positive performances BYMA (+ 3,8%); Mirgor (3.7%); Values ​​and financial group (0.3%).

On the & # 39; the volume of trading in shares reached nearly $ 562 million dollars. The next day, they were recorded 19 ascends, 59 and 10 shares loss unchanged.

The best day was in the General pane, in particular, the actions of the agricultural sector: He rose conductor 10%; and AGROMETAL jumped by 7.5%.

Monday the central bank surprised the market by announcing that it would sell the dollars, if the exchange was located below the expected limit of $ 51.45, trying to prevent a further decline in weight to deepen the crisis in the country.

"The Bank can not interfere in what so far has been the area of ​​non-interference -ZNI- (so) gives BCRA on the & # 39 classified tremendous view, to avoid sudden movements illiquid"They said that because of SBS Group.

At the same time, a report by Morgan Stanley said "The ability to intervene and sell dollars positive as it is to reduce the volatility of the market"and "Some of the relative stability of the currency market will help to improve the dynamics of inflation and the future outlook, the weak positive impact on economic growth."

The central bank aims to keep controlled much of the weight of an unusually high interest rates in the market to pay for the extension of Leliq, level He rose to 73,191%, the highest since the beginning of October.

"All the weight of absorbed in this regard (the new measures BCRA) to reduce the target for the monetary base, which leads to further tighten monetary policy" Ezequiel Zambaglione analyst said Balanz.

Bonds and country risks

In the segment of fixed income, the main currency bonds rose sharply, and in some cases increase reached about 5%.

Anses purchase of short-term securities to co-operate in this regard, a slow recovery is reported from Bloomberg.

In this regard, the promotion of the day headed Bonnar 2020 (+ 4.7%); Discount law Argentina (+ 2%); and Bonnar 2024 (+ 1.8%).

At the same time, Pesse bonds are certain trends, while Lecaps decided at a rate of 62% in the middle part and by 68% in length.

And finally, insurance riskWhich measures the JP Morgan, It fell 23 basis points to 940 basis points, while the insurance against default (CDS) fell slightly to 1,218.06 points level.

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