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Banks climbed 8%, and Merval scored the highest daily gain in 6 weeks



In the midst of portfolio adjustment for closing annual positions, the Merval index on Argentine stock exchanges and markets (BYMA) reached 29,519.37 units.

Among the most important climbs of the day were those of Superville Group (+ 8%); Banco Francés (+ 7.3%); and Banco Macro (+ 6.8%).

In addition to restoring the local market, the news of the day was the regulation of changes in income tax, including a tax on financial income that reaches fixed terms, bonds and general funds, among others.

Measure generated strong failure between investors and market agents who analyzed with retirement tax application for residents in the country.

"The tax on financial income was not satisfied, although he would like to mitigate it by imposing losses on bonds in earned interest, and its liquidation is difficult," reflected by the market agent.

Remember they will pay aliquots between 5% (in local currency assets) and 15% (in assets with adjustments or in foreign currency) Profit received in 2018 exceeds $ 66,917.

On Wall Street, it was an extremely volatile day, after a day that started in negative territory and even went deeper during the round, but ended up being positive for Dow Jones, described analyst Mauro Morelli.

The end-of-year wheel, which is dangerous for the local market, struggles to ensure that Merval, at least, does not end negatively (measured in pesos) in 2018: before Thursday, an annual decline of 1.7% accumulated.

Sovereign bonds and country risk

In the fixed income segment, the main sovereign bonds in dollars (against the peso) ended with growth. Bonar 2024 increased by 0.8%, Bonar 2020 increased by 0.5%; and Argentina, by 2027, had risen by 1%.

However, Argentine country risk, measured by JP.Morgan bank, did not weaken and rose 2.1% to 837 basis points.

The political risks faced by the presidential election in 2019 have a great impact on their considerable weight.

“Since August, country risk fluctuates within the range between 600 and 800 basis points, it approaches the upper band, when there are polls that give Christine de Kirchner a chance to win (at the presidential election) or that two faces of Peronism ready to make concessions to unite Peronism, " said an econometric consultant.


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