Recently, as the Bases Law is progressing through Congress and being discussed in detail after its approval by Deputies, Argentine stocks are on the rise while bonds are falling. The 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.
Within the Merval stock panel, Banco Galicia is a standout performer with a 3% increase. 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 by an impressive amount of 9.3%, with ADRs increasing by up to 27%. This growth was especially led by Galicia’s jump after acquiring HSBC’s local business. Bonds also saw positive gains in April, improving by an average of around