LOCAL MARKETS CLOSED MIXED, with sovereign dollar bonds holding steady. On the FX front, both financial and official exchange rates rose again, in a session where the BCRA bought USD 47 M; open interest jumped USD 421 M, signaling the BCRA’s return to the futures market. Peso curves were mixed and equities fell, giving back part of their recent gains.
PESO DEBT TRADED MIXED ON AUCTION SETTLEMENT DAY, as the one-day repo (caucion) stabilized again at 20% NAR. Dollar-linked bonds once again led, edging up 0.1% amid pressure on the exchange rate, while CER bonds and Lecaps slipped 0.2% and Duals eased 0.3%.
DOLLAR DEBT HELD STEADY THROUGH THE SESSION, with Bonares down 0.1%, dragged by the AL35 (-0.2%), while Globales held firm, led by the GD29 (+0.6%). With this performance, country risk closed at 426 bps. Separately, Bopreales fell 0.1%.
THE OFFICIAL EXCHANGE RATE ROSE AGAIN 0.2%, closing at $1,483, in a session where the BCRA bought USD 47 M. With this, the BCRA closed June with purchases of USD 1,418 M, an average daily pace of USD 64 M, versus USD 140 M between April and May. Gross reserves fell USD 1,793 M, a move explained by reserve requirements (encajes). Financial dollars also traded higher: the MEP rose 0.6% to close at $1,515 and the CCL rose 0.4% to $1,563.
THE MERVAL FELL 3.5% IN DOLLAR TERMS, closing at USD 2,021, in a broadly lower session. Materials and construction led the sector losses, while Real Estate was the only sector in the green. Among local stocks, Holcim (-4.9%), Ternium (-2.9%) and Edenor (-2.4%) led the declines; IRSA (+3.2%), BYMA (+1.6%) and Cresud (+0.3%) were the positive exceptions. Among ADRs, the average drop was 0.8%, with Globant (-3.2%), Corporacion America (-3.3%) and Edenor (-2.9%) leading losses, while Bioceres (+5.6%), IRSA (+1.3%) and MercadoLibre (+0.9%) closed in the green.
