As the Bases Law progresses through Congress and is being discussed in detail after its approval by Deputies, the Argentine stock market has been performing well. Stocks have shown increases of up to 3% in New York, with the Merval advancing 1.5% in Buenos Aires. This positive streak for Argentine stocks follows good results from the banking sector, which saw up to a 9% rise locally, primarily due to the resurgence of mortgage loans.
In contrast, on the New York stock market, the Dow Jones index experienced a 0.7% decrease. ADRs such as Galicia, Edenor, and BBVA have shown increases of 3.3%, 2.5%, and 2.4%, respectively, while others like Despegar, Globant, and Loma Negra have seen losses of 4%, 1.9%, and 1.8%.
Public securities have averaged a 1% decrease, with some exceptions like the AL 41 bond which fell 3.7%. The JP Morgan indicator measuring debt costs has decreased by 16% in the month and 36% in the year, signaling lower country risk. In April, the Merval advanced 9.3%, and ADRs increased by up to 27%, especially led by Galicia’s jump after the acquisition of HSBC’s local business