Argentine ADRs trading on Wall Street are experiencing significant declines following the US holiday celebrated on Wednesday.
In this context, and after the US market opened, shares of Argentine companies deepened their losses by up to 7.2%, with banking and energy stocks leading the downturn. The drops include BBVA (-8%), Banco Macro (-7%), Grupo Financiero Galicia (-6.2%), IRSA (-5.4%), Telecom Argentina (-5%), Pampa Energía (-4.1%), and Supervielle (-4.9%). However, some stocks saw gains, such as Ternium (0.6%) and Transportadora de Gas del Sur (2.9%).
It’s worth noting that the leading index, S&P Merval, closed with a 1.2% increase to 1,576,462.370 units after declining 1.6% in the previous session due to selective profit-taking. The biggest gains were led by Transener (+5.7%), Transportadora de Gas del Sur (+3.6%), and Sociedad Comercial del Plata (+2.9%). The only stock that decreased was BYMA (-0.5%).
Additionally, bonds are showing weakness, averaging a -0.5% drop in dollar-denominated quotes among the main references with foreign legislation. Investors are increasingly analyzing potential “upside” scenarios if economic normalization leads to yields converging with emerging markets.
Thus, during the local holiday, ADRs and dollar-denominated bonds did not follow the positive tone of the New York market, showing more caution as traders remain attentive to the new political and economic stage that could open post-Ley Bases and fiscal package.
Meanwhile, the country’s risk rating remains above 1,380 points on this Thursday, approaching 1,400 points.