The market seemed to have digested the new government measures focusing on reserves, showing improvement despite ongoing uncertainties about the coming months.
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As the week, marked by losses in Argentine assets abroad, came to a close, the Buenos Aires stock exchange rebounded along with dollar-denominated bonds and Argentine stocks on Wall Street. In this context, country risk reversed its earlier increase and moved away from 1,600 basis points.
In the fixed-income segment, dollar-denominated bonds rebounded by nearly 3%, led by the Global 2038 (+2.8%), followed by the Global 2035 (+2%) and the Bonar 2038 (+1.6%). Consequently, the country risk index measured by JPMorgan fell to 1,562 basis points.
On Thursday, declines in hard currency bonds were led by the Bonar 2030 (-1.3%), the Bonar 2038 (-1.2%), and the Global 2046 (-1%).
In the local market, the S&P Merval index rebounded by only 0.2% to 1,542,021.75 points, after dropping 6% over the last two sessions and closed the week in negative territory.
The top gainers included Sociedad Comercial del Plata (+3%), Banco Macro (+1.9%), Banco de Valores (+1.8%), and Transener (+1.6%), while the biggest decliners were Transportadora de Gas del Norte (-2.2%), Mirgor (-1.1%), and Transportadora de Gas del Sur (-1.1%). However, two stocks remained unchanged.
Meanwhile, ADRs (American Depositary Receipts) rose by up to 2.1%, with Banco Macro leading the rebound, followed by Grupo Financiero Galicia with a 1.8% increase and BBVA with a 1.7% gain.