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USD-DENOMINATED DEBT DECLINED 0.3%, EVEN IN A SESSION THAT WAS POSITIVE FOR EMERGING MARKETS, but amid increased global pessimism. The long end of the Bonar curve led the losses with a 0.5% decline, while Global bonds fell 0.3%. As a result, the country risk rose again to 614 bps. On the other hand, Central Bank debt posted a more moderate decline of 0.4%.
LOCAL CURRENCY DEBT HAD A POSITIVE SESSION ON THURSDAY, WITH GAINS ACROSS ALL SEGMENTS. Lecaps rose0.8%. Dual bonds rose 0.4%, in line with CER bonds. The BCRA continues to put a floor under rates by absorbing pesos at 20% TNA in the repo market, which brought the Tamar rate down to 27.2% TNA, while overnight rates remain around 20% TNA.
THE OFFICIAL EXCHANGE RATE DECREASED 0.3% AND CLOSED AT $1,395.51, POSITIONING IT 17.3% BELOW THE UPPER BAND LIMIT. It accumulated a 1% decline over the month. Meanwhile, financial exchange rates showed a 0.2% increase in the MEP and a 0.4% decline in the CCL, closing at $1,425.8 and $1,462.2, respectively, narrowing the spread to 2.6% from 3.1%. On the other hand, the Central Bank resumed FX purchases in the official market, acquiring USD 132 million, bringing monthly cumulative purchases to USD 899 M. Gross international reserves declined by USD 793 M, closing at USD 43.702 M.
THE MERVAL ROSE 2.8% IN PESOS AND 3.2% IN USD (CCL), CLOSING AT USD 1,894. The energy and banking sectors led the gains in the equity index. The top performers were COME (10.0%), BBVA (6.5%), and Holcim (6.2%), while the only notable decline was in Mirgor (-2.5%). As for Argentine stocks listed in New York, they also posted a 3.2% gain, led by AdecoAgro (7.7%), BBVA (6.4%), and Edenor (6.1%), while MELI fell 1.3%.
