Argentine shares register a 9% drop on the NY Stock Exchange

Shares of Argentine companies on the New York Stock Exchange recorded drops of up to 9% this Thursday (June 20, 2024). The banking sector was the hardest hit on Wall Street on a day when the Argentine market did not open due to the death of General D. Manuel Belgrano, author of the Argentine flag.

BBVA (Banco Bilbao Vizcaya Argentaria) suffered the biggest drop among banks, 8.9%. Companies such as Telecom Argentina and real estate company Irsa also recorded losses.

Despite the drop in shares, the last few weeks have been good news for the South American country’s economy:

• the Senate approved the economic super package proposed by President Javier Milei, the so-called “Bus Law”;
• the IMF (International Monetary Fund) approved the 8th review of the financial assistance program;
• The country recorded a primary surplus in May, the 5th in a row for the 1st time since 2008.

The week saw few movements in the financial market, influenced by 2 holidays in Argentina and the absence of operations in the United States on 1 day. Tuesday (June 18) was the only day for transactions, which increased volatility in the bond markets and the dollar exchange rate.