Argentina’s Stock Market Drops 5% Amid Profit-Taking
In New York, Argentine stocks also drop by up to 5.5%, while the country risk rises to 563 basis points.
The S&P Merval faces profit-taking on Wednesday, January 8, but has risen 9% in U.S. dollars so far this month.
Argentine stocks traded on Wall Street also lose up to 5.4%, while dollar-denominated bonds experience broad declines. The country risk reaches 563 basis points following a correction by J.P. Morgan.
Argentine Stock Market Performance
In this context, the S&P Merval falls 2.1% to 2,763,658.29 points. Among the leading stocks, the biggest losses are seen in: Edenor (-6.8%), Telecom (-6.2%), Cresud (-4.8%), Central Puerto (-4.6%), and BBVA (-3.8%).
In New York, Argentine stocks are experiencing profit-taking, with declines of up to 5.5%, led by Edenor, followed by Telecom (-4.1%) and Central Puerto (-2.1%). The government faces the largest sovereign dollar bond payments of the year, totaling around $4.341 billion on Thursday, according to data from the Congressional Budget Office (OPC).
These payments correspond to bonds restructured in 2020 and include both principal and interest. The bonds paying coupons include Bonares with Argentine law (AL29, AL30, AL35, AL38, and AL41) as well as Global bonds, issued under foreign law and denominated in dollars (GD29, GD30, GD35, GD38, and GD41) and euros (GE29, GE30, GE35, GE38, GE41, and GE46). In this context, country risk rises to 563 basis points, according to J.P. Morgan’s measurement.
Javier Milei’s Statements
In statements made today, Argentina’s president Javier Milei said:
“We will do it. We have a lot of hope of being able to lift the currency controls this year,” said President Javier Milei. He also expressed his willingness to reduce taxes, promised the economy will grow by about 5% next year, and stated that his dream of closing the Central Bank (BCRA) is becoming increasingly closer.
He spoke about economic growth, emphasizing that “the recovery of real wages, pensions, and the recovery of stocks are driving economic activity.” When asked about the tax burden, he responded, “I have no problem lowering taxes more, just tell me where to cut.”

