Q24N — Argentine companies listed on the New York Stock Exchange fell on Monday, a day after the new president of Argentina, Javier Milei, was sworn in with a speech to citizens in which he promised “a new era” for the country. South American and a difficult period of adjustments.
Half an hour after the opening of the New York stock market, the oil company YPF lost 1.52% and its shares stood at $16.88 per share, in line with the direction of the energy sector, which has been weighed down these days by expectations. of increasing global crude oil production.
Other companies in the sector, such as Transportadora Gas del Sur or Central Puerto, fell 0.65% and 1.28%, respectively.
In financial companies, the results were somewhat more nuanced, but red reigned. Banco Macro only grew by 0.18%, while Grupo Financiero Galicia (-3.49%), BBVA Argentina (-0.75%) or Grupo Supervielle (-2.08%) fell.
Other Argentine companies listed in New York, such as Loma Negra or Telecom Argentina, fell 2.09% and 2.44%, respectively, while the main Argentine sovereign bonds in dollars also registered drops.
Read more: Argentina: Milei sworn in as president
During his speech this Sunday, Milei reviewed the entire legacy left by the Government of Peronist Alberto Fernández (2019-2023) to paint a harsh x-ray of the country that is in place and ensure that difficult economic decisions are coming.
He announced that fiscal adjustment and the end of monetary issuance are part of his economic plan, and warned that stagflation “will be the last bad drink” towards “the reconstruction of Argentina.”