Monday, October 21, 2019
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ECONOMY | 19-04-2019 18:17

Argentine stocks dropped 7 percent on Wall Street after government announcements

Argentina's country risk score hit record levels after the government announced that they would lower prices of food and other essential items

Argentina's country risk surged today to over 850 points, while Argentine shares on Wall Street faced heavy losses of up to 7 percent.

At the local level, markets will not register the daily activity due to Easter week. Normal operations will resume on Monday.

The distrust that exists in foreign markets towards Argentina was reflected in the quotes of local assets, a day after the government announced that they would lower prices of food and other essential items.

This country risk level is the highest recorded since June 2014, when Argentina was declared to be in selective default.

Argentine assets listed on Wall Street faced heavy losses.

Many of companies hit were in the banking sector: Banco Francés with 7 percent; Banco Macro with 6.3 percent; Grupo Financiero Galicia with 6.2 percent and Grupo Supervielle with 6.21 percent.

The following also suffered heavy losses: Loma Negra (3.5 percent); Cresud (3.4 percent), Edenor (2.7 percent); Pampa Energía (2.59 percent); MercadoLibre (2.32 percent); YPF (1.62 percent); Despegar (1.4 percent); Central Puerto (1.2 percent); and IRSA (0.37 percent).

-TIMES/PERFIL

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