The standard did not go down well in the market and is one of the factors that explains the downward trend of local stocks in both Buenos Aires and New York, with Despegar leading the losses between ADRs and the S&P Merval, falling 4.1% in its measurement in dollars.
Sources consulted by Ámbito justified the recent measure since “maintaining a payment scheme in fixed installments in pesos for goods that are marketed in dollars meant a subsidy to people who travel abroad”.
“People who travel for tourism in this international pandemic context are assumed to have the ability to save or access financing lines,” they said. In that sense, they remarked that heTravelers have the option of requesting a personal loan from the banks to pay for tickets, or of using the minimum card payment to finance themselves at 43% per year.
It is worth noting that the 12% loss in the price of oil, due to fears of the impact of new variants of coronavirus on demand, is another cause of the poor day in the markets. This is clearly reflected in the performance of the assets of energy companies; YPF’s papers contracted 6% on Wall Street and 9.1% in the US.
With the same trend, other companies in the sector such as Transportadora de Gas del Sur or Central Puerto suffer losses of up to 8.6%.
All this also happens in a general framework of uncertainty that surrounds the Argentine economy and that caused the Buenos Aires stock market to accumulate a fall in dollars of almost 20% so far in November.
Source From: Ambito