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El S&P Merval y la Inestabilidad Global: Análisis del Mercado Argentino Los mercados argentinos están experimentando una caída significativa este 23 de junio, impulsada por la escalada en la guerra en Medio Oriente , lo que ha llevado a los inversores a buscar activos más seguros. Este contexto de incertidumbre se ve agravado por la espera de decisiones cruciales sobre la calificación de la deuda local.
En el cierre de la semana pasada, el ponderador estadounidense de mercados MSCI dejó en claro que el ascenso de la categoría de Argentina desde standalone a emergente sigue siendo complicado. Aunque esto no es una crítica directa a la situación actual, es un indicativo de que aún queda camino por recorrer para lograr este objetivo. Por el contrario, el cambio a mercado de frontera parece más alcanzable, según analistas de la consultora Outlier.
Depositphotos Impacto en el S&P Merval En este marco, el S&P Merval ha experimentado una baja del 2,8%, situándose en 2.006.496,810 puntos básicos. Las acciones que más han caído incluyen a Loma Negra con un descenso del 5,3%, Transportadora de Gas del Sur bajando un 5,2%, y Central Puerto que ha disminuido un 4,9%.
En cuanto a los bonos, la situación es mixta. En el segmento de deuda hard dollar, los que más sufrieron son el Global 2029 con un descenso del 0,4% y el Bonar 2030 que ha caído un 0,3%. Sin embargo, otros bonos como el Bonar 2030 y el Global 2030 han mostrado ligeros avances, ambos con un incremento del 0,3%.
ADR y la Deuda Argentina Los ADRs están cotizando de manera dispar. Los mayores ascensos corresponden a Edenor y Pampa Energía , con incrementos del 2,9% y 1,2%, respectivamente. Por el contrario, Grupo Supervielle y Banco BBVA presentan descensos del 1,1% y 1%, respectivamente.
Perspectivas sobre la Deuda Argentina A pesar de las señales mixtas, se espera que el MSCI publique su decisión final el martes. Actualmente, Argentina se encuentra en el escalón más bajo de la clasificación, el Standalone Market, junto a países como Zimbabue, Líbano, Ucrania, Panamá, Jamaica y Trinidad y Tobago . En contraste, los países emergentes incluyen a Brasil, México, India, Chile, Colombia y China.
Un cambio en la clasificación podría generar una avalancha de ingresos de capitales. Según estimaciones de J.P. Morgan, podría haber un flujo potencial de hasta u$s1.000 millones hacia activos financieros argentinos si se produce un avance en la categorización.
Desempeño de la Deuda en Pesos En el segmento de deuda en pesos, la curva de LECAP ha mostrado una compresión de tasas, operando por debajo con una tasa efectiva mensual (TEM) del 2,8%, luego de que el miércoles la parte más corta superara este nivel. Sin embargo, a lo largo de la semana pasada se registraron incrementos de tasas, en línea con lo ocurrido en otros mercados de bonos en pesos.
En términos de tasas reales, los bonos CER han mantenido rendimientos superiores al 10%, sin mayores cambios durante la semana. Este desempeño refleja la inestabilidad del mercado y las expectativas de los inversores ante la situación actual.
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