The S&P Merval, Argentina’s main index, marks its fourth consecutive rise.

The stock index advances by 2.9%, reaching 1,162,215.57 units. This marks its fourth consecutive rise.

El S&P Merval rises this Wednesday, March 20th, driven by selective buying in anticipation of political and economic developments by President Javier Milei.

The stock index advances by 2.9%, reaching 1,162,215.57 units. This marks its fourth consecutive rise. Consequently, in the local market, stocks traded with widespread gains. The top performers include Edenor (+4.9%), Aluar (+4.1%), and Transportadora de Gas del Norte (+4%).

On the other hand, Argentine stocks trading on Wall Street are mostly up, with one company standing out for its 7% increase: Despegar. The ADRs that follow in terms of daily gains are Edenor (+3.5%) and Cresud (+2.8%). Meanwhile, the only companies experiencing declines are Grupo Supervielle (-1.6%) and Mercado Libre (-1%).

The rejection of the Upper House of Congress to the decree (DNU) that deregulates the economy, enacted in December, creates uncertainty as it now needs to be addressed by the deputies to determine its validity. However, a positive trade balance in February and a fiscal surplus in the first two months of the year bolster the country’s accounts.

Progress in Congress would be a positive driver for stocks as it would positively impact the business operations they represent.

The rise in prices of Argentine debt bonds stands out once again today, and the country’s risk premium breaks through a key symbolic level at 1,500 basis points, according to JP Morgan.

Dollar-denominated bonds are up by as much as 1.8%, and the country risk falls by 31 points to 1,497 basis points.

The market is closely watching the monetary policy meeting in the United States this afternoon. The reaction of the 10-year Treasury bond yield to the news could affect the emerging bond market.